The Purpose of the Five Key Steps in Segmenting and Targeting

question 84

Multiple Choice

The purpose of the five key steps in segmenting and targeting markets is to

• A) identify competitors that provide similar products that satisfy a firm's customers' needs.
• B) provide guidance to reposition a firm's products.
• C) generate new-product ideas for firms that are not growing in market share.
• D) link market needs of customers to the organization's marketing program.
• E) correlate directly to each of the five environmental forces.

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Definitions:

Bakers

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Generation Y

Also known as Millennials, this demographic cohort follows Generation X and is characterized by those born roughly between 1981 and 1996, noted for their comfort with digital technologies.

Motivational Tool

A strategy, object, or method used to inspire or encourage individuals towards achieving specific goals or behaviors.

Baby Boomer

Individuals born between 1946 and 1964, known for being part of a significant increase in birth rate following World War II.