market for their product or service

  1. List the four methods that marketers use to segment the market for their product or service. demographic, geographic, psychographic and behavioural.
  2. Why is market segmentation an important component of the marketing plan?  The importance of market segmentation is that it allows a business to precisely reach a consumer with specific needs and wants. In the long run, this benefits the company because they are able to use their corporate resources more effectively and make better strategic marketing decisions.
  1. Using the four segments identified earlier, discuss the various consumer attributes that can be used to profile the market under each segmentation method.
  2. What is the difference between a product feature and a product benefit?
  3. Why is it important for market researchers to identify market trends so that they can understand consumer behaviour?
  4. What is product positioning?List five types of product/service positioning strategies that marketers can use to differentiate their product/service offering to the market.
  5. VALS is aframework that uses psychological and sociological factorsto describe the dynamics of consumer behaviour. Conduct research on this philosophy to understand the impact of an individual’s social and lifestyle choices.  Explain how the VALS framework can help marketers to assess, estimate and test consumer behaviour.  (100-150 words)
  6. Why is it important for marketers to study the outcome of previous marketing communication strategies?
  7. Using the table below, provide five examples of websites where you are leaving a digital footprint. For each example, explain the relevant data that marketers could have used about your interaction to engage with you.
  8. Using the image provided about the 7P’s of Marketing, explain how organisations can use the marketing mix to quickly respond to consumer demand for their products or services in accordance with the marketing plan.
  9. What is market targeting?
  10. After evaluating different segments, a target market is identified. Provide a brief explanation of the following three types of market-coverage strategies and the rationale behind using each one.

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