Answer:
reference groups
Explanation:
Reference groups are considered a social influence in consumer purchasing. They are often groups that consumers will look to to make purchasing decisions. So if a reference group endorses a product, either through use or statements about the product, those that look to the group will often purchase that product.
Answer:
The answer would be strategic planning
Explanation:
Strategic planning is usually a long-term process. The process involves carrying out a situation analysis and formulating the company's objectives, mission statement, strategies and value prepositions. A situation analysis involves evaluating the organization's external environment (factors outside a firm's control) and internal environment (factors a firm can control).
Answer:
Substantiality.
Explanation:
Market segmentation is one of the important marketing strategies to divide the entire market into small segments in order to implement a better technique to satisfy the consumer need with specific products and schemes. There are four basic criteria for useful segmentation of the market:
- Accessibility.
- Actionability.
- Substantiality.
- Responsiveness.
Substantiality: This criterion of segmentation express the notion that the target market must be large enough to be profitable as a small segment can not justify the investment.
Similarly in the given case, it talks about the substantiality criteria of segmentation as it says a selected segment must be large enough to warrant developing and maintaining a special marketing mix.
Data on how, when, why, where and what people buy refers to marketing analytics which is a strategy that companies use to segment their market and develop promotional campaigns that are more aligned with their consumer.
<h3 /><h3>What is Marketing Analytics?</h3>
It is the area of marketing responsible for collecting data to identify consumption patterns, develop the most effective strategy to reach the target audience and facilitate the decision-making process.
Therefore, a company that performs marketing analysis is more likely to be well positioned in a competitive market, where companies need to identify how to generate value for their consumers to achieve strategic advantages.
Find out more information about marketing analytics here:
brainly.com/question/20714266
