Business 101 Test 2 1- Define a target market segment and describe how the two market segmentation approaches are used to develop customer relationship marketing. Provide an example of each approach. 2- Define each of the four variables used by a business in segmenting a market and describe how they each impact customer relationship marketing. 3- Identify the four elements of the marketing promotional mix and describe how they work together to create an effective marketing communications approach. 4- Explain each stage of the product life cycle and provide a specific example of a product that is currently at each stage. 5- Define the purpose of an effective pricing strategy and explain the two basic approaches of setting a base price for a new product. 6- Describe three ways in which the Internet has made business more effective in achieving their objectives. 7- Choose three (3) forms of digital media from the chapter and explain how they can be used as effective marketing tools