My Little Girl

Ganod Enkhjargal

Marketing Management

May 12, 2011

Mid Term Exam

Please give brief answers to the questions below.

Q1. What is Marketing?

Marketing is the process of teaching consumers why they should choose your product or service over your competitors; if you are not doing that you are not marketing. It’s really that simple! The key is finding the right method and defining the right message to use to educate and influence your consumers. Marketing refers to promotion and can also involve pricing, product placement and distribution when relevant. Promotion can be limited to a specific target group, or it can be aimed at the general public. Although marketing is often interchangeably used with the word advertising, marketing can be more specifically described as the game plan by which the advertising will be carried out, as in a marketing strategy.

Q2. Define Segmentation and Segment.

Market Segmentation is basically dividing the whole market in some segments based on the customers’ needs, wants and characteristics. By applying the concept of market segmentation, we see the whole divided into certain segments and then decide which segments to target for marketing. For example, a marketer that wants to market a laptop product, he/she may decide to segment the market based on whether customer prefer less weight, more battery life or better computing, looks and competitive price. Based on these needs, market would be divided in different segments and after analyzing the features of the product, according to that, product would be marketed. It is an important from marketer’s point of view that it is identified what are the different segments in the market for a product. Marketer does not create a segment only it identifies the segment. Consumer markets can be segmented based on the descriptive characteristics of the consumers like Geography, demography, psychographs or behavioral.

Q3. What is Targeting? Why do it? How...