After Establishing the Market Segments and Product Groupings on a Market-Product

question 142

Multiple Choice

After establishing the market segments and product groupings on a market-product grid,the next step is to

• A)fill in the appropriate cells with precise statistical data from primary and/or secondary sources.
• B)estimate,with intelligent "guesstimates" as necessary,the market size for each cell using a simple scale from zero to three (3 is the largest market).
• C)total the vertical columns to identify the greatest marketing synergies and efficiencies.
• D)total the horizontal rows to identify greatest operations/production synergies and efficiencies.
• E)identify a marketing action for every product-market combination in the grid.

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Definitions:

Promotional Mix

Combination of personal and nonpersonal selling components designed to meet the needs of a company’s target customers and effectively and efficiently communicate its message to them.

Disruptive Innovations

Less expensive and simpler versions of existing products and services that target an entirely new group of customers.

Guerilla Marketing Strategies

Innovative, unconventional, and low-cost marketing tactics aimed at obtaining maximum exposure for a product or brand.

Data-Driven Decision Making

The practice of basing decisions on the analysis of data rather than purely on intuition or observation.