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Test: Market Segmentation- 2 - B Com MCQ


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10 Questions MCQ Test - Test: Market Segmentation- 2

Test: Market Segmentation- 2 for B Com 2024 is part of B Com preparation. The Test: Market Segmentation- 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Market Segmentation- 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Market Segmentation- 2 below.
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Test: Market Segmentation- 2 - Question 1
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What is the primary reason for demographic factors being a popular basis for segmenting consumer groups?

Detailed Solution for Test: Market Segmentation- 2 - Question 1
Demographic factors, such as age, gender, family size, income, occupation, education, religion, race, and nationality, are popular for segmenting consumer groups primarily because they are easier to measure compared to other types of variables. This makes it feasible for companies to collect and analyze data related to these factors to better understand their target audience's needs, preferences, and behaviors.
Test: Market Segmentation- 2 - Question 2
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Which type of segmentation divides consumers based on their individual character traits, attitudes, and habits?

Detailed Solution for Test: Market Segmentation- 2 - Question 2
Psychographic segmentation involves dividing consumers based on their lifestyle and personality traits. This includes aspects like individual character traits, attitudes, and habits, which play a significant role in shaping consumer behavior and preferences.
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Test: Market Segmentation- 2 - Question 3
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In behavioral segmentation, how are buyers divided based on their relationship with a product?

Detailed Solution for Test: Market Segmentation- 2 - Question 3
Behavioral segmentation involves dividing buyers based on their knowledge of, attitude toward, use of, or response to a product. Usage rate is one of the behavioral segmentation variables that categorizes buyers based on their level of product usage, such as light, medium, or heavy users.
Test: Market Segmentation- 2 - Question 4
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Which segmentation strategy involves serving only one market segment with a single marketing mix?
Detailed Solution for Test: Market Segmentation- 2 - Question 4
The single-segment strategy, also known as a concentrated strategy, involves serving only one market segment with a single marketing mix. This approach is often chosen by smaller companies with limited resources.
Test: Market Segmentation- 2 - Question 5
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What should a firm consider when evaluating the attractiveness of a market segment?
Detailed Solution for Test: Market Segmentation- 2 - Question 5
When evaluating the attractiveness of a market segment, a firm should consider factors such as the size of the segment (number of customers and/or units) and its growth rate. These aspects help determine the potential market demand and growth opportunities.
Test: Market Segmentation- 2 - Question 6
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Which target market strategy involves offering different marketing mixes to different segments?
Detailed Solution for Test: Market Segmentation- 2 - Question 6
Product specialization is a target market strategy where a firm specializes in a particular product and tailors it to different market segments. This allows the firm to cater to various consumer needs with tailored marketing approaches.
Test: Market Segmentation- 2 - Question 7
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What is the purpose of the buyer readiness stage in behavioral segmentation?
Detailed Solution for Test: Market Segmentation- 2 - Question 7
The buyer readiness stage in behavioral segmentation aims to understand the psychological stages that a person goes through when deciding to make a purchase. These stages include awareness, knowledge, interest, preference, conviction, and finally, the purchase decision.
Test: Market Segmentation- 2 - Question 8
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What is the key factor that determines the profitability of targeting larger market segments?
Detailed Solution for Test: Market Segmentation- 2 - Question 8
The key factor that determines the profitability of targeting larger market segments is whether the firm can develop a competitive advantage. A competitive advantage can help the firm stand out in a larger market, leading to increased profitability.
Test: Market Segmentation- 2 - Question 9
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What type of segmentation divides consumers based on their lifestyle and personality traits?
Detailed Solution for Test: Market Segmentation- 2 - Question 9
Psychographic segmentation divides consumers based on their lifestyle and personality traits. This approach provides insights into consumer behaviors and preferences based on their activities, interests, beliefs, and opinions.
Test: Market Segmentation- 2 - Question 10
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Which target market strategy aims to serve the entire market with either a single undifferentiated marketing mix or separate marketing mixes for each segment?
Detailed Solution for Test: Market Segmentation- 2 - Question 10
Full market coverage is a target market strategy where a firm aims to serve the entire market. This can be achieved by using either a mass market strategy with a single marketing mix or a differentiated strategy with separate marketing mixes for each segment.
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