Question

A marketing approach which considers how consumers perceive a product relative to competitive offerings.

Answer 1

Answer:

The best answer to the question: A marketing approach which considers how consumers perceive a product relative to competitive offerings, would be: Market segmentation with an emphasis on product-related segmentation to achieve a much deeper level known as market targeting.

Explanation:

The topic of marketing, and especially of being able to reach the appropriate people in order to effectively and efficiently sell goods and services, is not a small one, especially because it ensures the success of any company. Because it is impossible for one company to serve all the needs and wants of society, and buyers are so different, and have so many varying qualities, it would be a titanical and impossible job, to try and comply with all of them. Even if a company has reached a level of specialty in the services, and/or goods they offer, there is simply too much to choose from when thinking about who to approach in order to sell. One approach therefore that has proven highly valuable in helping a company reach its selling goals is segmentation. In the case of this question, product-related segmentation, because this approach allows a company to focus its efforts, products and services, on the different groups of people that they know their products will benefit the most, and offer these products in such a way that surpass similar products offered by the competition. This approach targets customers who are keen on weighing products and selecting one given the benefits it will bring to them, and helps a company shape its products to meet the standards of the customer above those offered by the competition.