In the seven-step approach to market segmentation
A) apartment buildings in cities with large student populations are the focus of the example.
B) homogeneous submarkets are immediately identified in Step 1.
C) the submarkets are nicknamed based on their qualifying needs.
D) profit is considered in all seven steps.
E) None of the above is true.

Question

Quizplus · Accepted Answer

None of the statements are true regarding the seven-step approach to market segmentation. The approach involves identifying the overall market, identifying potential submarkets, evaluating each submarket, selecting target markets, developing a marketing mix for each target market, implementing and monitoring the marketing program, and using feedback to adjust the program as needed. The example and focus industries may vary and profit is not considered in every step. Submarkets are not nicknamed based on their qualifying needs.

In the Seven-Step Approach to Market Segmentation