Discuss the general strategies for selecting target markets
What will be an ideal response?
ANSWER: Target markets can be selected by appealing to the entire market with one marketing mix, concentrating on one segment, or appealing to multiple market segments using multiple marketing mixes. Target markets could be eighteen- to twenty-five-year-old females who are interested in fashion (Vogue magazine), people concerned about sugar and calories in their soft drinks (Diet Pepsi), or parents who do not have time to potty train their children (Booty Camp classes where kids are potty trained). Any market segment that is targeted must be fully described. Demographics, psychographics, and buyer behavior should be assessed.
You might also like to view...
Alice, a middle manager in an oil company, makes $35,000 a year. Her boss makes $41,000, her peers average $33,000, and her employees average $29,000. Alice doesn't know the pay of these co-workers, but we ask her to guess. Research suggests that she will say
A) the employees average $28,000. B) the boss makes $43,000. C) the peers average $34,000. D) the boss makes $45,000. E) the peers average $30,000.
Which of the following is a current business trend?
A) eliminating the marketing function B) integrating marketing with other business functions C) for-profit businesses becoming not-for-profit businesses D) fewer CEOs having experience in marketing E) isolating marketing from other business functions