BUAD 332 Exam 2-Mark Moon 89 Questions with 100% Correct Answers | Verified | Latest Update

Goal of Customer- Driven marketing strategy - ️️to create VALUE for targeted customers Market Segmentation - ️️Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. (taking heterogeneous customers and dividing them into more homogeneous groups) selecting customers to serve - ️️- "Who is our customer?" -Selecting customers to serve using segmentation and targeting -We cannot make any other decisions as marketers until we figure this out. deciding on a value proposition - ️️-"What do our customers think about when they think of us?" -Differentiation and Positioning Key market segmentation variables - ️️-geographic (region, state, density, climate) -demographic (gender, age, etc) -psychographic -behavioral (no single way to segment is best. often we combine MORE THAN ONE) demographic segmentation - ️️dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation. MOST POPULAR basis for segmentation