Which of the Following Is the FIRST Step in the Approach

question 72

Multiple Choice

Which of the following is the FIRST step in the approach for developing situation-based marketing strategies?

• A) Use observational studies, focus group discussions, depth interviews, and secondary data to discover the various usage situations that influence the consumption of the product.
• B) Survey a large sample of consumers to better understand and quantify how the product is used and the benefits sought in the usage situation by the market segment.
• C) Construct a person-situation segmentation matrix.
• D) Evaluate each cell in terms of potential.
• E) Develop and implement a marketing strategy for cells that offers sufficient profit potential given your capabilities.

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Definitions:

Automobile Insurance

An insurance policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident.

Insurer

A party that accepts the risk of loss in return for a premium (payment of money) and agrees to compensate the insured against a specified loss.

General Life Insurance

A type of life insurance policy that provides financial protection to the beneficiaries in the event of the policyholder's death, without specifying the cause.

Beneficiary

An individual or entity entitled to receive benefits or assets under a legal instrument, such as a will or insurance policy.