18. Market segmentation is a fundamental tool in marketing management. Name at l

Question

18. Market segmentation is a fundamental tool in marketing management. Name at least t ways (variables) by which markets can be segmented: hree 1. 2. 3. 19. Research has shown that firms typically are more successful when they put their products at the center of their marketing efforts, rather than putting the customer at the center TRUE or FALSE 20. The "service profit chain" is a strip of metal links that companies can use in market research to control their customers and measure their profit per customer. TRUE or FALSE

Explanation / Answer

18. The market can be segmented on the basis of a. Demographic - Consumer's demand depends on the age, gender, family size, income, occupation, religion, and nationality.

b. Geographic - Consumer's demand depends on their location, on whether they live in a rural area or urban area, hilly area or sea area.

c. Psychographic - Consumer's demand depends on their lifestyle, their expenditure behavior and interests.

19. False. As per effective marketing strategy, the customer should be the center of your marketing efforts. The customer is the king and your product should target the interests and benefits of the specific audience.

20. False. Service profit chain is a business model developed by Harvard in the nineties. It shows a relation between profitability, customer loyalty, employee satisfaction and productivity.

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