Midterm 2

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Toronto Metropolitan University *

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Course

110

Subject

Marketing

Date

Feb 20, 2024

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pdf

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88

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QUESTION ANSWER What is targeting marketing ? differenciate an aspect or marketing · The price · a promotion offering
QUESTION ANSWER What is mass marketing ? opposite of targeted marketing, it invloves selling the same product at the same price well using the same promotion to everyone
QUESTION ANSWER What are the benefits of segmenting and target markets ? · it can help you to enlarge your customer base as it allows you to adjust your marketing mix (how you service and promote · helps to avoid head-on competition it) · expand product line · Identify early adapters, focus on most profitable customers * you must figure on example: who is who A Google pixel phone making gathering data their ad segmented to people
QUESTION ANSWER how do you Segment and target a Firms current customers ? · It is a more difficult process as you will need to get to know your customers, figure out what they want is difficult which is why many organizations focus on current customers ways to develop b maintain relationships Social media (twitter/facebook) When targeting customers companies go through a process called one to one marketing
QUESTION ANSWER What are the steps of one to one marketing ? 1) Establish short-term metrics to evaluate the consequences or your efforts will you use high customer satisfaction ratings increase the revenue per customer # or products sold -transaction costs 2) Identifying your customers gathering information about your current customers buying patterns likes or dislikes -remain in contact with them (phone or email) 3) differentiate among your customers 4) Interact with your customers who are the best customers target the best ones What do they spend or will spend talk to customers about topics they -identity by target customers enjoy people who may spend less to you but more -interact with high-valued customers with your competitors -minimize your resources with low-valued customers 5) make your products and promotions meet their needs -give customers exactly what they want
QUESTION ANSWER What is segmenation bias ? a criteria to classing buyers, to get a fuller picture of its customers and create real value for them
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