1. Community Trust Bank is analyzing its customer data to determine if groups with similar monetary patterns other than the business customers can be identified. The bank is looking at the frequency of branch visits, use of ATMs, online banking activity, loan activity, and account balances of each customer. The bank has identified three groups of customers based on these factors and is planning to offer different products to better meet the needs of each group. Which of the following marketing concepts is represented by this exercise?
a. Price fixing
b. Market segmentation
c. Value reengineering
d. Marketing audit
e. Environmental scanning
2.Superfocus is a revolutionary concept in eyeglasses–it even received The Wall Street Journal innovation award in 2010. It is a type of eyeglass that allows the wearer to change correction without changing glasses, or having to look through a certain part of the lens like bifocal and progressive lens wearers must do. The round lenses are actually two lenses with a clear fluid in-between. The outer lens is hard, while the inner lens is flexible. There’s a little slider on the bridge that, when moved, pushes the fluid and changes the shape of the inner, flexible lens. That, in turn, changes the correction, so a user can see near, far, and everything in-between just by changing the position of the slider. The only catch is that the lenses have to be perfectly round and the frames need to be made out of stainless steel or titanium aluminum. This limits the frame style and color choices for consumers.