The First Step in Market Segmentation Should Be

question 242

Multiple Choice

The first step in market segmentation should be:

• A) deciding what new product you could develop.
• B) evaluating what segment(s) you currently serve.
• C) finding a demographic group likely to use your products.
• D) listing features of your current products.
• E) defining some broad product-markets where you may be able to operate profitably.

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Definitions:

Initiation

The process or ceremony that marks the acceptance of an individual into a group or society, often involving specific rituals or tasks.

Meta-analytic

A research method that combines the results of multiple studies to arrive at a comprehensive conclusion.

Cohesion

The degree of camaraderie or bond among members of a group, contributing significantly to its unity and functional success.

Performance

Refers to the act of executing a task or function, often measured against preset known standards of accuracy, completeness, cost, and speed.