Midterm 2
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School
Toronto Metropolitan University *
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Course
110
Subject
Marketing
Date
Feb 20, 2024
Type
Pages
88
Uploaded by CommodoreRavenPerson1050
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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