After a firm has identified a group of market segments, it does which of the following?Multiple select question.Identify which groups will respond similarly to its marketing effortsUse the targeting processEvaluate each segment's attractivenessDetermine which segments to pursue
Question
After a firm has identified a group of market segments, it does which of the following?Multiple select question.Identify which groups will respond similarly to its marketing effortsUse the targeting processEvaluate each segment's attractivenessDetermine which segments to pursue
Solution 1
After a firm has identified a group of market segments, it does the following:
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Identify which groups will respond similarly to its marketing efforts: This involves understanding the characteristics, needs, and wants of each segment. The firm will then predict how each segment will respond to its marketing efforts based on these insights.
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Use the targeting process: The targeting process involves selecting the most attractive segments to focus on. This is based on the firm's resources, objectives, and the expected level of competition in each segment.
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Evaluate each segment's attractiveness: This involves assessing the size, profitability, and accessibility of each segment. The firm will also consider the level of competition and the firm's ability to meet the needs of consumers in each segment.
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Determine which segments to pursue: Based on the evaluation, the firm will decide which segments are the most attractive to pursue. This decision will be influenced by the firm's resources, objectives, and the expected level of competition in each segment.
Solution 2
After a firm has identified a group of market segments, it does the following:
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Identify which groups will respond similarly to its marketing efforts: This involves understanding the characteristics, needs, and wants of each segment. The firm will then identify which of these groups are likely to respond positively to their marketing efforts based on these characteristics.
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Use the targeting process: The targeting process involves selecting the most attractive segments to serve. This is based on the firm's objectives, resources, and the segment's size, growth, and structural attractiveness.
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Evaluate each segment's attractiveness: This involves assessing the size, profitability, and growth potential of each segment. The firm will also consider the competitive environment within the segment.
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Determine which segments to pursue: Based on the evaluation, the firm will decide which segments are the most attractive to pursue. This decision will be based on the firm's strategic objectives, resources, and capabilities.
Similar Questions
Select all that applyWhich of the following are part of the implementation phase of the strategic marketing process?Multiple select question.Designing the marketing organizationDeveloping a SWOT analysisObtaining resourcesComparing results with plans
How do marketers determine which customer segments will be part of their target markets?Multiple choice question.By sponsoring public relations eventsBy conducting researchBy creating advertisementsBy assessing successful advertisements
How does developing descriptions of each market segment help firms? (Choose every correct answer.)Multiple select question.By identifying similarities within market segmentsBy determining the most attractive market segmentsBy identifying differences across market segmentsBy revealing similarities across market segments
Which of the following steps are part of the segmentation, targeting, and positioning process? More than one answer may be correct.Multiple select question.Selecting target marketEvaluating segment attractivenessDevelop the marketing planIncreasing benefitsEstablish strategy or objectives
Which of the following is true of the target market?Group of answer choicesThe identification of market segments is a necessary precursor to the selection of a target market.The target market comprises the segment of people thought to have the least potential for a business.The more preferences shared by people in the market, the less easy it is to create a marketing mixThe target market is a relatively heterogeneous subgroup of people with diverse habits and lifestyles.
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