The 7-step approach to market segmentation used in the text shows that:
A) determining needs rarely change.
B) profit is the overall consideration beginning with Step 1.
C) it's useless to consider what people in each submarket do not want when so much is known about what they do want.
D) submarkets are nicknamed based on their qualifying needs.
E) None of the above is true.

Question

Quizplus · Accepted Answer

None of the statements in the options are true. The 7-step approach to market segmentation includes identifying the overall market, identifying potential submarkets or segments, evaluating the attractiveness of each segment, selecting target markets, identifying and developing a positioning strategy, developing and implementing marketing mix strategy, and then evaluating the effectiveness of the marketing strategy. The approach does not prioritize profit in Step 1 and considers both the needs and wants of each submarket to ensure effective targeting.

The 7-Step Approach to Market Segmentation Used in the Text