Module 4 Essay Questions
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Johns Hopkins University *
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660450
Subject
Marketing
Date
Apr 3, 2024
Type
docx
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Uploaded by AdmiralMoonKudu26
Q1. Why market segmentation is one of the most critical issues in marketing management?
As discussed in course material this week, Market Segmentation simply groups customers into segments based on demographics, location, behaviors, and psychological traits. We know that over 90% of new products in the US and Europe fail due to incorrect positioning, which is simply segmentation and differentiation. This is why segmentation is extremely important in marketing, as it enables companies to determine their target customers and how to market their products best (Tarver, 2024). Leask (2023) stated that market segmentation is important because all customers have unique needs. Therefore, a one-size-fits-all approach would not be very productive. Market segmentation also allows companies to focus on their customers instead of wasting resources on reaching the entire market. Market segmentation also forces companies to be intentional about their messaging and branding, resulting in better advertising campaigns and greater customer brand loyalty (Tarver, 2024).
Q2. How organizations segment their markets?
There are practical steps that organizations can take to segment their markets. According to Market Research Solutions (2024), the five ways to segment markets are demographic, psychographic, behavioral, geographic, and firmographic segmentation. The first step in effective market segmentation is to analyze existing customers to understand customer behaviors, primarily using a CRM system. (Leask, 2023). Understanding customer behaviors and
needs then allows organizations to determine their target customer groups and create brand positioning (Leask, 2023). References
Tarver, E. (2024). Market Segmentation: Definition, Example, Types, Benefits. Retrieved February 2024, from https://www.investopedia.com/terms/m/marketsegmentation.asp#:~:text=Why%20Is
%20Market%20Segmentation%20Important,purchasing%20power%2C%20or
%20consumer%20needs
. Leask, K. (2023). What is market segmentation and why is it so important? Retrieved February 2024, from https://useinsider.com/what-is-marketing-segmentation/
Market Research Solutions. (2024). What is Market Segmentation? Retrieved February 2024, from https://www.surveymonkey.com/market-research/resources/market-segmentation/
#:~:text=There%20are%20many%20ways%20to,%2C%20geographic%2C%20and
%20firmographic%20segmentation
.
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Related Questions
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(1) The goal of any market segmentation is to divide a market into subgroups whose members have different criteria to find the common buying behaviors.
(2) Choosing appropriate segmentation criteria starts with a descriptive profile of the total market to identify obvious segments and differences among them.
A. 1st statement is correct, second statement is incorrect
B. 1st statement is incorrect, second statement is correct
C. Both statements are correct
D. Both statements are incorrect
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a. Explain the segmentation strategy used by the Apple company and consequently identify which customer is the company serving?
b. Identify the Targeting Strategy that the Apple company is using (Undifferentiated, Differentiated, Concentrated marketing or Micromarketing) and explain your choice.
please answer in your words
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Define what is meant by market segmentation and select 3 factors that M&S can use to segment "Per Una" market?
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Name and describe the four major sets of variables that might be used in segmenting consumer markets. Which segmenting variable(s) do you think Bata is using?
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In your opinion, among the four (4) major segmentation variables, which is the most important? Explain Why?
As a marketer, why segment the market? Explain what approaches can be used to segment the market and how can this lead to competitive advantage.
Identifying and explain three (3) benefits of market segmentation.
State the relationship between market targeting and market segmentation in the process of marketing strategy. Is market targeting important in the process? Elaborate your answer.
In your outlook, which do you think is the most effective among the (4) strategies of market targeting? Explain why? Which do you think among the four will become profitable in gaining a successful business outcome considering with enough resources?
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Name and describe the four major sets of variables that might be used in segmenting consumer markets and Which segmenting variable(s) do you think Pizza Hut is using?
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Q3: what are five benefits that are derived from careful segmentation and profiling the target audience for a marketing campaign?
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2.1.1 identify and explain the criteria to consider when evaluating a market segmentation.
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PART 1: Choose one company that offers multiple products or services. For example:
Gap Inc has Old Navy, The Gap, and Banana Republic
PART 2: Imagine that this company is looking to launch several marketing campaigns throughout 2022 and they need to know what types of campaigns would be most effective. You are responsible for comparing TWO existing product/service customers so the marketing campaigns will have the biggest impact. What kinds of research methods would you use to get that information (You should name at least 3)? Why would you use these methods?
thnkyouuuuuuuuuuuuuuu
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PART 1: Choose one company that offers multiple products or services. For example:
Gap Inc has Old Navy, The Gap, and Banana Republic
PART 2: Imagine that this company is looking to launch several marketing campaigns throughout 2022 and they need to know what types of campaigns would be most effective. You are responsible for comparing TWO existing product/service customers so the marketing campaigns will have the biggest impact. What kinds of research methods would you use to get that information (You should name at least 3)? Why would you use these methods?
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Explain what type of segmentation your company might use for its market and describe who their target market is. Assignment should be double spaced, 12-point font
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Product: Apple HomeLife
Conduct a segment analysis and identify the primary target market that your company with create the marketing strategies for.
1) Look for all possible customer segments and exclude those that are not identifiable as a potential customer.
Describe and or explain all the applicable segment variables with a brief analysis including why the segment is relevant.
Demographics (age, gender, income, family lifecycle, education, religion, geographic, etc, etc, etc)
Psychographics (e.g. attitude, mindset)
Behaviors (e.g. purchase behaviors)
Be sure to include ALL segment variables (ie prospects) that are relevant to your product. Do not select or describe your target market here.
2) Primary Target Market Description (multi-segment)
Select a combination of segment variables to describe your primary target market. This target market will serve as the focus for your marketing strategies.
Include reasons for selecting the target market you identified: why attractive and…
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For each of the following products, identify the segmentation base that you consider the best
for targeting consumers: (a) biscuits, (b) shampoo, (c) wireless broadband, and (d) holidays.
Explain your choices. You are required to use 4 key types of market segmentation provided
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Cohort segmentation is a method used to segment the market for the greatest strategic implications. Find a healthcare related service, product, or organization on one of a multitude of social networking sites. Review the seven categories. Which cohort segmentation section is the service, product, or organization geared for on the site? Why would this type of marketing be successful?
Select another cohort segmentation category. From a management perspective, what recommendations could you make to the marketing department to broaden the marketing efforts to include another cohort segmentation not currently being targeted.
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What are the diffrent ways to segment a consumer market? Does it makes sense to use more than just a single segmentation variable? Why or why not? What are the key characteristics os a high potential target market? Is the biggest target market always the best? Why or whty not?
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Product: Amazon Echo & Alexa Devices
Choose one market segment for your product and describe that segment in as much detail as possible. You need to explain the common need/want of potential customers in the segment, the demographic characteristics of the segment, the psychographic characteristics of the segment, and the geographic characteristics of the segment.
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When it comes to market segmentation and target marketing, all of the following are
correct with the exception of
Targeting a young female business executive who lives in the suburbs of Toronto
involves only geographic segmentation.
Marketers refer to the target market profile when making decisions regarding
both the product attributes and the advertising messages developed to promote
the product.
A brand is "democratized" if customers can control the marketing of the brand
through an online consumer voting process.
Technology is an important factor in the growth and adoption of direct
segmentation and behavioural marketing.
Real estate companies and mortgage companies tend to use behaviour response
segmentation over traditional mass media.
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Please create PESTLE ANALYSIS (Only the Part of S which is Social) of MALABON ZOO in Philippines.
Please refer to the given reference attached
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- 2arrow_forward(1) The goal of any market segmentation is to divide a market into subgroups whose members have different criteria to find the common buying behaviors. (2) Choosing appropriate segmentation criteria starts with a descriptive profile of the total market to identify obvious segments and differences among them. A. 1st statement is correct, second statement is incorrect B. 1st statement is incorrect, second statement is correct C. Both statements are correct D. Both statements are incorrectarrow_forwarda. Explain the segmentation strategy used by the Apple company and consequently identify which customer is the company serving? b. Identify the Targeting Strategy that the Apple company is using (Undifferentiated, Differentiated, Concentrated marketing or Micromarketing) and explain your choice. please answer in your wordsarrow_forward
- Define what is meant by market segmentation and select 3 factors that M&S can use to segment "Per Una" market?arrow_forwardName and describe the four major sets of variables that might be used in segmenting consumer markets. Which segmenting variable(s) do you think Bata is using?arrow_forwardIn your opinion, among the four (4) major segmentation variables, which is the most important? Explain Why? As a marketer, why segment the market? Explain what approaches can be used to segment the market and how can this lead to competitive advantage. Identifying and explain three (3) benefits of market segmentation. State the relationship between market targeting and market segmentation in the process of marketing strategy. Is market targeting important in the process? Elaborate your answer. In your outlook, which do you think is the most effective among the (4) strategies of market targeting? Explain why? Which do you think among the four will become profitable in gaining a successful business outcome considering with enough resources?arrow_forward
- Name and describe the four major sets of variables that might be used in segmenting consumer markets and Which segmenting variable(s) do you think Pizza Hut is using?arrow_forwardQ3: what are five benefits that are derived from careful segmentation and profiling the target audience for a marketing campaign?arrow_forward2.1.1 identify and explain the criteria to consider when evaluating a market segmentation.arrow_forward
- PART 1: Choose one company that offers multiple products or services. For example: Gap Inc has Old Navy, The Gap, and Banana Republic PART 2: Imagine that this company is looking to launch several marketing campaigns throughout 2022 and they need to know what types of campaigns would be most effective. You are responsible for comparing TWO existing product/service customers so the marketing campaigns will have the biggest impact. What kinds of research methods would you use to get that information (You should name at least 3)? Why would you use these methods? thnkyouuuuuuuuuuuuuuuarrow_forwardPART 1: Choose one company that offers multiple products or services. For example: Gap Inc has Old Navy, The Gap, and Banana Republic PART 2: Imagine that this company is looking to launch several marketing campaigns throughout 2022 and they need to know what types of campaigns would be most effective. You are responsible for comparing TWO existing product/service customers so the marketing campaigns will have the biggest impact. What kinds of research methods would you use to get that information (You should name at least 3)? Why would you use these methods?arrow_forwardExplain what type of segmentation your company might use for its market and describe who their target market is. Assignment should be double spaced, 12-point fontarrow_forward
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