Question: Which of the following is the first stage for market segmentation where you determine the needs of the segment?
A Need of the Segment
B Positioning for the Segment
C Determining the Profitability of the Segment
D Incorporating Segmentation into the Marketing Strategy
Answer: Need of the Segment
| Stages for market segmentation |
Description |
| Determination of the need of the segment |
Identify the specific needs, preferences and consumption patterns of potential customers. |
| Identification of the segment |
Assess and identify different customer segments based on distinctive features, similarities and differences. |
| Deciding which segment is most attractive |
Evaluate the attractiveness of each segment based on factors like accessibility, cost, consumer desire, competitive position, and potential profit. |
| Determining the profitability of the segment |
Evaluate the profitability of the chosen segments, considering factors like potential profit, sustainability and alignment with business goals and objectives. |
| Positioning for the segment |
Develop a product positioning strategy for each chosen segment. |
| Expanding the segment |
Ensure that the selected segments are scalable and can support business growth. |
| Incorporating segmentation into the marketing strategy |
Integrate the segmentation insights into your marketing strategy. |
