Hope Insurance Inc. customizes its marketing strategies to meet the needs of different customer groups. For its soon-to-be-retired customers, it advertises its insurance products as a means to a financially secure and comfortable old age. For customers aged 25 to 50 years, it promotes the same products as a means to a bright academic future for their children. Which of the following market segment approaches is best illustrated in this scenario?  Total segment approach  Niche market approach  Concentration approach  Mass market approach  Multisegment approach

Question

Business

Madisyn Morrow

9 June, 11:33

Hope Insurance Inc. customizes its marketing strategies to meet the needs of different customer groups. For its soon-to-be-retired customers, it advertises its insurance products as a means to a financially secure and comfortable old age. For customers aged 25 to 50 years, it promotes the same products as a means to a bright academic future for their children. Which of the following market segment approaches is best illustrated in this scenario?  Total segment approach  Niche market approach  Concentration approach  Mass market approach  Multisegment approach

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Answers (1)

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Jamar Calderon · Answer 1

Multisegment approach

Explanation:

Multi segment approach refers to a marketing strategy where a firm provides distinct offerings to different segments of it's target market. Every of the market segment is treated differently with regards to it's offerings and benefits to each market segment.