Briefly describe the steps in the segmentation process
What will be an ideal response?
The seven steps in the segmentation process include:
1. Needs-Based Segmentation — Group customers into segments based on similar needs and benefits sought by customers in solving a particular consumption problem.
2. Segment Identification — For each needs-based segment, determine which demographics, lifestyles, and usage behaviors make the segment distinct and identifiable (actionable).
3. Segment Attractiveness — Using predetermined segment attractiveness criteria (such as market growth, competitive intensity, and market access), determine the overall attractiveness of each segment.
4. Segment Profitability — Determine segment profitability.
5. Segment Positioning — For each segment, create a "value proposition" and product-price positioning strategy based on that segment's unique customer needs and characteristics.
6. Segment "Acid Test" — Create "segment storyboard" to test the attractiveness of each segment's positioning strategy.
7. Marketing-Mix Strategy — Expand segment positioning strategy to include all aspects of the marketing mix: product, price, promotion, and place.
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The range into which the true population parameter will fall, assuming a given level of confidence, is called the sampling distribution
Indicate whether the statement is true or false
One significant area where value engineering has produced impressive results is with regard to ______.
A. reducing costs of inputs into a product B. the information technology in product manufacture C. analyzing the market to ensure customers receive value D. reducing the cost of reverse logistics
Organizational behavior is the study of ______.
A. strategic management processes B. information technology C. individuals at home D. individuals and their behaviors at work
The pursuit of both differentiation and low cost at the same time in a way that creates a leap in value for both the firm and consumers is called
A. value innovation. B. value driving. C. cost innovation. D. cost driving.