ExamGecko
Question list
Search
Search

List of questions

Search

Question 41 - CSCP discussion

Report
Export

A firm has identified groups of customers based on specific characteristics the customers desire from products and services the firm can provide. Characteristics include lead times, pricing tiers, and service levels. The firm is engaged in which of the following activities?

A.
Customer differentiation
Answers
A.
Customer differentiation
B.
Order winner segregation
Answers
B.
Order winner segregation
C.
Market segmentation
Answers
C.
Market segmentation
D.
Channel definition
Answers
D.
Channel definition
Suggested answer: C

Explanation:

Market segmentation involves dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics. Here's a detailed explanation:

Identification of Groups: The firm identifies distinct groups of customers who have similar needs and preferences regarding lead times, pricing tiers, and service levels.

Customization of Offerings: By understanding these segments, the firm can tailor its products, pricing strategies, and service offerings to meet the specific needs of each segment.

Targeted Marketing: Market segmentation allows the firm to design and implement marketing strategies that are more effective in reaching and appealing to each distinct customer group.

Enhanced Customer Satisfaction: Meeting the specific needs of different customer segments enhances overall customer satisfaction and loyalty.

Market segmentation enables firms to focus their efforts and resources more efficiently, leading to better customer alignment and improved business performance.

Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.

Wedel, M., & Kamakura, W. A. (2000). Market Segmentation: Conceptual and Methodological Foundations. Springer.

asked 16/09/2024
femke vroome
47 questions
User
Your answer:
0 comments
Sorted by

Leave a comment first