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Direction: Study the following questions carefully and choose the right answer.
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1
A very large market segment or wide collection of smaller segments is called -
» Explain it
E
Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or location.

A niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment.

Meta marketing is "the synthesis of all managerial, traditional, scientific, social and historical foundations of marketing”.

Multi-level marketing is a strategy some direct-sales companies use to encourage their existing distributors to recruit new distributors by paying the existing distributors a percentage of their recruits' sales. The recruits are the distributor's "down line."

Hence, option E is correct.
 
» Explain it
A
Good customer service is an extended arm of services marketing because it is a sub field of marketing which can be split into two main areas of goods marketing (which includes the marketing of fast moving consumer goods and durables) and services marketing.

Services marketing typically refer to both business to consumer (B2C) and business-to-business (B2B) services, and include marketing of services such as telecommunications services, financial services, all types of hospitality, tourism leisure and entertainment services, car rental services, health care services and professional services and trade services. Service marketers often use an expanded marketing mix which consists of the seven Ps: product, price, place, promotion, people, physical evidence and process.

Web marketing refers to a broad category of advertising that takes many different forms, but generally involves any marketing activity conducted online.

Process is another element of the services marketing mix or 7Ps.There is a number of perceptions of the concept of process within the business and marketing literature. Some see processes as a means to achieve an outcome, for example – to achieve a 30% market share, a company implements a marketing planning process.

Indirect marketing is a way for a business to market their product, idea, or service without having to use the methods of SPAM or direct advertising and marketing.

Internal marketing is the promotion of a company's objectives, products and services to employees within the organization. The purpose is to increase employee engagement with the company's goals and fostering brand advocacy.

Hence, option A is correct.
 
3
Mass communication with customers or potential customers, usually through paid public media is known as -
» Explain it
C
Publicity is gaining public visibility or awareness for a product, service or your company via the media. From a marketing perspective, publicity is one component of promotion and marketing. The other elements of the promotional mix are advertising, sales promotion, direct marketing and personal selling.

Sales promotion is the process of persuading a potential customer to buy the product. Sales promotion is designed to be used as a short-term tactic to boost sales – it is rarely suitable as a method of building long-term customer loyalty.

Advertising is a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them, as defined by the Advertising Association of the UK.

Public relations (PR) are the practice of managing the spread of information between an individual or an organization (such as a business, government agency, or a nonprofit organization) and the public. Public relations are the idea of creating coverage for clients for free, rather than marketing or advertising.

Brand Building is generating awareness, establishing and promoting company using strategies and tactics. In other words brand building is enhancing brand equity using advertising campaigns and promotional strategies. Branding is crucial aspect of company because it is the visual voice of the company.

Hence, option C is correct.
 
» Explain it
B
Demographic segmentation is market segmentation according to age, race, religion, gender, family size, ethnicity, income, and education. Demographics can be segmented into several markets to help an organization target its consumers more accurately.

Geographic segmentation is a common strategy when you serve customers in a particular area, or when your broad target audience has different preferences based on where they are located.

Psychographic segmentation involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers. This segmentation is advantageous because it allows you to engage in product design and marketing in a focused manner.

Sociocultural segmentation combines social (related to groups) and cultural variables (related to the shared values, beliefs, attitudes of people) that provide further basis for segmentation. Group may be defined as two or more people who interact with each other to accomplish either individual or.

Hence, option B is correct.
 
5
The collective perceptions and impressions people have formed about an organisation, its products and/or its services, is known as its –
» Explain it
D
Brand equity' is a phrase used in the marketing industry which describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more revenue simply from brand recognition; that is from products with that brand name than from products with a less well-known name, as consumers believe that a product with a well-known name is better than products with less well-known names. Brand equity refers to the value of a brand.

Brand Architecture is a system that organizes brands, products and services to help an audience access and relate to a brand. ... It also provides the maximum brand value by fully leveraging both corporate and sub brands.

Brand Image is how the customers think of a brand. It can be defined as the perception of the brand in the minds of the customers.

Brand Attributes portray a company's brand characteristics. Brand attributes are a bundle of features that highlight the physical and personality aspects of the brand. Attributes are developed through images, actions, or presumptions. Brand attributes help in creating brand identity.

Hence, option D is correct.