MKTG Week 5 Market, Segmentation, Targeting and Positioning Exam Review Test 2025

MKTG Week 5 Market, Segmentation, Targeting and Positioning Exam Review Test 2025 1. A market contains: People or institutions with sufficient purchasing power, au thority and willingness to buy 2. Each organisation defines: What they consider to be their marker (e.g Coca Cola is anything the consumer drinks) 3. If we understand the market and we have limited resources for our particular segment: Resources will be used in the most efficient way 4. Correct segmenting, targeting and positioning: Hits the right consumer every time for your organisation 5. Market segmentation: The identification of individuals or organisations with similar characteristics that have significant implications for the determination of marketing strategy CAN HAVE SUB SEGMENTS WITHIN THESE ORGANISATIONS CAN OPERATE IN MORE THAN ONE CUSTOMERS CAN MOVE IN BETWEEN MARKETS 6. Homogeneity (Market segmentation allows us to find this): Within the market segment 7. Heterogeneity: Across the homogeneous market segments 8. Anything you do wrong in steps prior to segmentation (e.g strategy): Can cause wrong segmentation to be implemented in segmentation, targeting and positioning 9. The 5 benefits of strategic marketing R G P C SD: 1. Improved customer