Briefly Describe the Steps in the Segmentation Process

question 67

Essay

Briefly describe the steps in the segmentation process.

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Definitions:

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, traditionally identified as product, price, place, and promotion.

"Place"

One of the four Ps in the marketing mix, referring to the location where a product or service is marketed or made available to consumers.

Existing Products

Existing products are items that are already available in the market and not newly launched.