In the seven-step approach to market segmentation, it is best to identify the relevant needs of all potential customers BEFORE trying to form homogeneous submarkets.

Question

Quizplus · Accepted Answer

This is because identifying the relevant needs of all potential customers allows for a better understanding of the market and can lead to the formation of more effective submarkets. Only after this step should the process of forming submarkets based on common needs and characteristics take place.

In the Seven-Step Approach to Market Segmentation, It Is Best