How Does Market Research Help Marketers Validate Their Target Market

Question: Explain the role of customers in marketing

Answer: All marketing centers on creating, delivering, and communicating value to the customer. A value proposition is a clear and succinct statement to the customer of the value being offered by a company’s products or services.

Question: Explain the role of segmentation and targeting in marketing

Answer:

Question: Explain the marketing mix

Answer:

Question: 4When creating a value proposition, the statement should be:

Answer: Clear, compelling and differentiating

Question: An organization that adopts the ________ concept takes steps to know as much about the consumer as possible.

Answer: marketing

Question: The buying process does NOT include:

Answer: generational adaptation

Question: Marketing is best defined as the activities, organizations, and processes for:

Answer: creating, communicating, delivering, and exchanging offerings that customers value.

Question: It is important to manage customer relationships because customers provide a great deal of value to the company if they remain customers for many years. ________ predicts how much profit is associated with a customer during the course of their lifetime relationship with a company.

Answer: Customer lifetime value

Question: ________ pertain to the influence of culture, social class, family, and reference groups.

Answer: Social Factors

Question: Why would a company seek to define its target market as a component in creating the company’s marketing strategy?

Answer: If a company carefully defines its target market, the company will be able to focus on people with a preexisting need or interest in what it offers. Therefore resulting in higher sales and less wasted time and effort on potential customers that are not interested in what the company has to offer.