About This Chapter
MTTC Marketing: Strategies & Segmentation - Chapter Summary
The video lessons in this chapter will guide your review of the ins and outs of basic marketing strategies and the role that segmentation plays in markets for the MTTC Marketing Education exam. Follow along with our handy video transcripts to review common methodologies, and learn how marketing professionals determine what strategies will work best for their businesses. This chapter will prepare you to:
- Define and explain the values of common marketing strategies
- Explain how best to approach foreign and global markets
- Identify strategic marketing alternatives
- Find the balance in product, place, price and promotion
- Discuss the goal and ethics of target marketing
- Examine market segmentation and the role of consumer categorization
Each lesson was designed by our awesome instructors to teach you about marketing strategies and segmentation in a fun, easy way. Look at the factors that affect marketing professionals' every day decisions and then see what you've learned with the corresponding self-assessments quizzes.
Objectives of the Strategies & Segmentation Chapter
The MTTC Marketing Education exam is designed for those looking to earn a certification to teach marketing in the state of Michigan. You will have four-and-a-half hours to complete the 100 multiple-choice questions on this paper-based test. To pass, you must earn a score of 220.
The category of marketing foundations makes up 40% of the questions on the Marketing Education test, and this section includes questions on topics relating to market strategies and segmentation. Prepare for these questions with our multiple-choice quizzes, which present questions in a format similar to the actual MTTC test.
1. What Is Marketing Strategy? - Examples & Objectives
In this lesson, we will focus on the components and core elements used to plan a marketing strategy. In addition, we will discuss the importance of measuring the impact of a marketing strategy.
2. Strategies for Reaching Global Markets: Examples & Types
In 2013, the global market had over seven billion potential consumers with needs and wants to be fulfilled. In this lesson, you'll learn about strategies businesses can use to tap this immense market.
3. Breaking Into Foreign Markets: International Marketing Strategies
Companies look to international markets to increase their sales and profits. Market managers must decide on the mode of entry into a foreign market. The options, ranging from least to most risky, are exporting, licensing, franchising, contract manufacturing, joint ventures and direct investments.
4. Competitive Advantage: The Importance of Strategic Marketing
Companies have many options when it comes to gaining market share and increasing profits. Learn about strategic marketing and the tools companies use to their advantage.
5. How to Identify Strategic Alternatives in Marketing
Marketing managers must decide the type of strategic alternative that will be undertaken for their marketing plan. Managers can choose from four options to increase sales and profits.
6. The Marketing Mix: Product, Place, Price & Promotion
A marketing plan is the central part of the overall marketing strategy. A marketing plan's main focus is the marketing mix, which consists of product, place, promotion and price decisions. All four elements are very flexible and have many options. The main purpose of the marketing mix is to effectively communicate with the target market.
7. Target Market Strategies for Successful Business
If you've ever felt persuaded to buy an item by an ad, you've likely been defined as part of a target market. Though you may not know it, advertisements are created specifically for people similar to you. In this lesson, you'll learn how marketing firms identify a target market, create basic target market strategies and use a marketing mix for a product or service.
8. Ethical & Unethical Target Marketing in Business
Companies are desperate to acquire customers, and some will use inappropriate ways to gain their attention. In this lesson, you'll learn how to discern ethical from unethical target marketing, using the example of marketing to vulnerable populations.
9. Market Segmentation: Why Market Segments Are Important to Marketers
Marketing managers must understand the importance of segmenting a market and the specific criteria for successful segmentation. Before the 1960's, most companies tried to market products to the masses with declining success. It is important to identify key target markets!
10. Market Segmentation: Geographic, Demographic, Psychographic & More
Marketers must be effective at creating niche segments to promote and sell their products or services. There are five specific ways that markets can be segmented in order to create a successful sales opportunity.
11. How to Segment Business Markets Step-by-Step
Discover the four segments of business marketing in this lesson. You will also learn the distinguishing characteristics of each segment so you may easily identify each of them.
12. Retail Segments, Target Markets and Marketing Strategies
In this lesson, you will learn how to identify four different retail segments and gain an understanding of how producers of goods and services use different types of retailers to reach the different target markets that buy their products.
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Other chapters within the MTTC Marketing Education (036): Practice & Study Guide course
- MTTC Marketing: Marketing Principles
- MTTC Marketing: Researching, Collecting & Evaluating Data
- MTTC Marketing: Product Management
- MTTC Marketing: Pricing Strategies
- MTTC Marketing: Distribution Channels
- MTTC Marketing: The Selling Process
- MTTC Marketing: Customer Service
- MTTC Marketing: Role & Impact of Promotion
- MTTC Marketing: Merchandising
- MTTC Marketing: Economics Overview
- MTTC Marketing: The Marketing Plan
- MTTC Marketing: Financial Principles
- MTTC Marketing: Business Communication
- MTTC Marketing: International Business
- MTTC Marketing: Ethics & Social Responsibility
- MTTC Marketing: Human Resource Management
- MTTC Marketing: Human Relations & Leadership Skills
- MTTC Marketing: Information Management
- MTTC Marketing: Education Programs
- MTTC Marketing: Professional Development
- MTTC Marketing Education Flashcards