Name and describe the seven key steps in a needs-based market segmentation process

What will be an ideal response?


(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 determine the overall attractiveness of each segment. Common to most assessments would be measurements of market growth, competitive intensity and market access.
(4 ) Segment Profitability — Determine segment profitability (net market contribution).
(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 Strategy "Acid Test" — Create "segment storyboards" 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.

Business

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A. job simplification B. job rotation C. job enlargement D. job enrichment

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When faced with a make-or-buy decision, managers need which item of information about making?

A) Variable costs of making the item B) Need for additional machinery C) Incremental fixed costs D) All of these choices

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A collaborative team is needed to create a business plan

Indicate whether the statement is true or false

Business