hand in hand with appealing to this target market‚ all of which consist of demographics‚ geo-demographics‚ and psychographics. Utilizing the factors listed above will allow a company to strategize their marketing plan effectively‚ “promote a very narrow‚ specific niche market‚ and reach your ideal clients with a strong‚ specific message” (Dore‚ 2012). Our target market in this case‚ shares similar demographic and psychographic characteristics—young adult males in their early 20’s to mid 30’s and of
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Environmental scanning Question 2 3 out of 3 points Which of the following sets of terms describe approaches used by B2C marketers to segment their markets? Answer Selected Answer: demographic‚ psychographic‚ and behavioral factors. Correct Answer: demographic‚ psychographic‚ and behavioral factors. Question 3 3 out of 3 points In customer relationship management‚ firms selling big-ticket items with small customer bases often find it advantageous to develop Answer
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Niche Market Defined According to Phillip Kotler‚ a niche is a narrowly defined customer group. Niche markets primarily consist of market segments within the larger market place who have similar demographic‚ psychographic‚ buying behavior and/or lifestyle characterics. The Fenix Group started with two entrepreneurs‚ Anthony Keung (Chinese) and Masaaki Ogino (Japanese) who shared the same business philosophy‚ which is aiming at niche markets‚ that most times are left untouched or under-served.
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• Values • Health • Life span • Education • Interests & hobbies • Race • Local/national areas • Age • Religion 1 SILK TOPSHOP PENCIL DRESS Demographic: Topshop’s target customers who are women aged between 18-25 years old with an income range of £10‚000 - £50‚000 a year. Their target audience is young‚ fashion-conscious people on a budget. Psychographic: Customers tend to have goal orientated lifestyles & commitment to to career & family‚ their image is important to them & they are motivated by
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states‚ regions‚ countries‚ cities‚ neighborhoods‚ or zip codes. Geo-cluster approach combines demographic data with geographic data to create a more accurate profile of specific [1] With respect to region‚ in rainy regions you can sell things like raincoats‚ umbrellas and gumboots. In hot regions you can sell summer wear. In cold regions you can sell warm clothes. [edit]Demographic Segmentation Demographic segmentation consists of dividing the market into groups based on variables such as age‚ gender
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difficult it is to find truly qualified prospects. You can use basic demographic information to target people you would assume to be qualified prospects‚ but are you truly reaching your best possible audience and most valuable potential clients? Cluster Marketing Now Covenant makes finding qualified prospects easy. Covenant gives financial professionals a unique advantage through our cluster marketing platform. Using in-depth psychographic information‚ we can give you a complete analysis of households
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What are Segmentation Variables? To understand what segmentation variables in marketing are‚ it helps to first know what market segmentation is. Market segmentation is the analysis of population demographics so they can be categorized in specific ways. These specific ways of categorization in market segmentation are why segmentation variables are needed and used. Four (4) groups of Segmentation Variables – 1. Geographic segmentation is based on variables such as: • Region: this kind of
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(also referred to as segmentation variables)‚ which an organization could effectively utilize to come up with market segments. As a simple guide‚ segmentation bases can be classified into five major categories: * geographic‚ * demographic‚ * psychographic‚ * behavioral By using any of these segmentation bases‚ either individually or in combination‚ a company can construct market segments for evaluation to help them select appropriate target markets. Basis for segmenting consumer markets
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In the Marketing Segmenting there are four kind of segmentation‚ they are Behavioral Segmentation‚ Demographic Segmentation‚ Psychographic Segmentation‚ and Geographic Segmentation. Behavioral Segmentation is the most powerful type of segmentation because it uses actual consumer behaviour or product usage to make distinctions among market segment (Farrell & Hartline‚ 2005). Demographic Segmentation consists of dividing the market into group based on variable such as age‚ gender‚ family
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the company success in obtaining loan. Macroenvironment is the larger societal force that affects the whole environment. In an organizations macroenvironment‚ it consist of demographic environment‚ economic environment‚ natural environment‚ technological environment‚ political environment and cultural environment. Demographic environment is mainly made up of the changing age structure in
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