______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.
A. Strategic planning
B. Market positioning
C. Market segmentation
D. Mass marketing
Which do you think is the best answer?
Be sure you understand all of the words.
Market segmentation or either mass marketing??
What is the difference between market segmentation and mass marketing?
http://en.wikipedia.org/wiki/Mass_marketing
http://en.wikipedia.org/wiki/Market_segmentation
The correct answer is C. Market segmentation.
Market segmentation is the process of dividing a broad market into smaller, more manageable segments based on certain characteristics such as demographics, geography, behavior, and psychographics. This process allows companies to identify and understand their target audience better, and then develop tailored marketing strategies to effectively reach and communicate with each segment.
To arrive at the answer, you can use a process of elimination:
A. Strategic planning refers to the overall process of setting goals, determining strategies, and making decisions to achieve those goals. While market segmentation is an essential part of strategic planning, it does not encompass the entire process, so this option can be eliminated.
B. Market positioning refers to how a company differentiates its products or services from competitors in the minds of its target customers. While market segmentation is necessary for effective positioning, it is not the same as segmentation. Therefore, this option can be eliminated as well.
D. Mass marketing is the practice of targeting a large, undifferentiated audience with the same message or product. This approach does not involve segmenting the market, so it is not the correct answer.
By process of elimination, we are left with option C, market segmentation, which is the process of naming broad product-markets and then segmenting these markets to select target markets and develop suitable marketing mixes.