Sunrise Banking is a multinational financial services company that customizes its marketing strategies to meet the needs of different customer groups. For its soon-to-be-retired customers, it advertises reverse mortgages. For customers in their 20s, it promotes savings accounts. For customers in their 30s, it promotes home loans. For customers in their 50s, it advertises its wealth management services. Which of the following market segment approaches is best illustrated in this scenario?Multiple Choicemultisegment approachmass-market approachniche-market approachconcentration approach
Question
Sunrise Banking is a multinational financial services company that customizes its marketing strategies to meet the needs of different customer groups. For its soon-to-be-retired customers, it advertises reverse mortgages. For customers in their 20s, it promotes savings accounts. For customers in their 30s, it promotes home loans. For customers in their 50s, it advertises its wealth management services. Which of the following market segment approaches is best illustrated in this scenario?Multiple Choicemultisegment approachmass-market approachniche-market approachconcentration approach
Solution
The market segment approach best illustrated in this scenario is the multisegment approach. This is because Sunrise Banking is targeting different products to different demographic groups (customers in their 20s, 30s, 50s, and soon-to-be-retired), which is characteristic of a multisegment marketing strategy.
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