## TOPIC 4.2: The Market

Why is marketing important?

- A) To increase costs and reduce profits

- B) To satisfy customer needs, build relationships, and keep customer loyalty

- C) To reduce the number of customers

- D) To eliminate competition

- E) To reduce employee satisfaction

To satisfy customer needs, build relationships, and keep customer loyalty

What is market orientation?

- A) Focusing on the product rather than customer needs

- B) Focusing on customer needs and wants

- C) Focusing on reducing costs

- D) Focusing on increasing profits only

- E) Focusing on employee satisfaction

Focusing on customer needs and wants

What is product orientation?

- A) Focusing on customer needs and wants

- B) Focusing on the product and its features

- C) Focusing on reducing costs

- D) Focusing on employee satisfaction

- E) Focusing on pricing strategies

Focusing on the product and its features

Niche marketing involves targeting:

- A) A large mass market

- B) A small, specific segment of the market

- C) All consumers in the country

- D) International customers only

- E) Only young people

A small, specific segment of the market

Mass marketing involves targeting:

- A) A small, specific segment of the market

- B) The whole market with one product

- C) Only luxury consumers

- D) Only local customers

- E) Only online customers

The whole market with one product

Which of the following is a basis for market segmentation?

- A) Location

- B) Demographics

- C) Lifestyle

- D) All of the above

- E) None of the above

All of the above (Location, Demographics, Lifestyle, Income, Age)

Focusing on customer needs and wants is called ____________________ orientation.

Market

Targeting a small, specific segment of the market is called ____________________ marketing.

Niche

Dividing the market into distinct groups of customers with similar needs is called market ____________________.

Segmentation

What are the bases for market segmentation?

Location** - Where customers live

- Demographics - Age, gender, income, occupation

- Lifestyle - Hobbies, interests, values

- Income - How much customers earn

- Age - Different age groups