Maya Has a Great Idea for a New Shoe Store

question 154

Multiple Choice

Maya has a great idea for a new shoe store. When she first conceived of the idea, she believed her target market would be the entire shoe market. However, as she learned more about marketing, she realized that different types of consumers were looking for different types of footwear. She also learned that some segments of the population would be much more profitable than others. Maya has used a number of variables to divide the market into different groups, including those that use shoes as a status symbol, those that use shoes for sports, and those who wear shoes simply because they are comfortable. What stage of the target market selection process is Maya currently at?

• A) Step 1: Identify the appropriate targeting strategy
• B) Step 2: Determine which segmentation variables to use
• C) Step 3: Develop market segment profiles
• D) Step 4: Evaluate relevant market segments
• E) Step 5: Select specific target markets

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Definitions:

Self-Actualized

The realization or fulfillment of one's talents and potentialities, especially considered as a drive or need present in everyone.

Self-Actualizing

The process of realizing and fulfilling one's talents, capacities, and potentialities, becoming more fully oneself.

Cognitive Needs

Cognitive needs are the mental requirements of an individual for understanding, discovering, and making sense of the world around them.

Hierarchy of Needs

A theory by Abraham Maslow outlining a pyramid of human needs, from basic physiological needs to the need for self-actualization.