Which Is the First Step in Market Segmentation

question 206

Multiple Choice

Which is the first step in market segmentation?

• A) Finding one or two demographic characteristics to divide up the whole mass market.
• B) Clustering people with similar needs into a market segment.
• C) Naming a broad product-market of interest to the firm.
• D) Evaluating market segments to determine if they are large enough.
• E) None of these alternatives is the first step in market segmentation.

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Definitions:

Problem And Solution

A framework or approach that identifies a specific issue and proposes one or more ways to fix or address it.

Cause And Effect

A relationship where one event (the cause) makes another event happen (the effect), indicating a connection between two phenomena.

Chronological

In order of time, usually from the earliest event to the latest.

Information Report

An informational report presents data, facts, and feedback without analysis or recommendations, primarily used for informational purposes.