Question : Market segmentation helps in:
Option 1: Increasing production costs
Option 2: Maximizing market share
Option 3: Identifying target customers
Option 4: Eliminating competition
Correct Answer: Identifying target customers
Solution : The correct answer is (c) Identifying target customers.
Market segmentation helps in identifying target customers. It involves dividing a larger market into distinct segments based on specific characteristics, needs, behaviors, or preferences. By segmenting the market, companies can gain a deeper understanding of different customer groups and tailor their marketing efforts to meet the specific needs and wants of each segment. This allows companies to focus their resources and efforts on the most relevant and profitable customer segments, leading to more effective marketing strategies, higher customer satisfaction, and better overall business performance.
Question : Market targeting involves:
Option 1: Developing a marketing mix strategy
Option 2: Positioning the product in the market
Option 3: Identifying potential customers
Option 4: Analyzing market competition
Question : The product life cycle concept helps in:
Option 1: Pricing strategy development
Option 2: Identifying target customers
Option 3: Forecasting sales and profits
Option 4: Determining distribution channels
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