Answered: what is a market segmentation and what…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Related questions

Question

a. what is a market segmentation and what does it mean to profile the target audience?

b. what are five benefits that derived from careful segmentation and profiling the target audience for a marketing campaign

Expert Solution

Introduction

Marketing creates value for both customers and the firm. It helps the firm to build customers. These are paying customers due to which the firm can make profits and sustain itself. Thus it acts as a primary activity.

Marketing helps the customers to reduce their investment of efforts, time and money in decision making process while purchasing. They get to realize what their pain points are and which specific company have the best customized solution for their pain.