The third step of the market segmentation process is to evaluate segment , which is based on such criteria as its profitability, responsiveness, and reachability.
Question
The third step of the market segmentation process is to evaluate segment , which is based on such criteria as its profitability, responsiveness, and reachability.
Solution
The third step in the market segmentation process is to evaluate the segment. This evaluation is based on several criteria such as:
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Profitability: This involves assessing the potential profitability of the segment. This can be done by looking at the potential customer base, the price they are willing to pay for the product or service, and the cost of reaching them.
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Responsiveness: This involves assessing how responsive the segment is to the marketing efforts. This can be done by looking at past responses to marketing efforts, the level of competition in the segment, and the likelihood of the segment to switch to a competitor.
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Reachability: This involves assessing how easy it is to reach the segment with marketing efforts. This can be done by looking at the channels available to reach the segment, the cost of using these channels, and the effectiveness of these channels in reaching the segment.
After evaluating the segment based on these criteria, the company can decide whether to target the segment or not.
Similar Questions
Which of the following steps are part of the segmentation, targeting, and positioning process? More than one answer may be correct.Multiple select question.Develop the marketing planSelecting target marketIncreasing benefitsEstablish strategy or objectivesEvaluating segment attractiveness
What is the purpose of market segmentation?Select one:a.To determine the best pricing strategy for a productb.To identify target market segments with similar characteristicsc.To analyze competitors' strategiesd.To evaluate the effectiveness of advertising campaignsClear my choice
Q6. Steps in Market SegmentationUnsolvedUsing hints is now penalty freeUse HintArrange the following steps in the market segmentation process in sequential order.(A) Determine which demographics, life styles and usage behavior make the segment distinct and actionable.(B) Create a "value proposition" and product-price positioning strategy for each segment.(C) Group customers into segments based on similar needs and benefits sought by them.(D) Determine overall attractiveness of each segment based on some predetermined criteria.Choose the correct answer from the options given below:Choose the correct answer from below:Your score for this problem will be decided based on your FIRST SUBMISSION ONLY(C), (A), (B), (D)(C), (A), (D), (B)(A), (C), (D), (B)(A), (D), (C), (B)
Who has introduced the concept of market segmentation
Market segmentation refers toQuestion 9Answera.Grouping the organization into different silosb.Divide large heterogeneity market into smaller groups with homogeneity characteristicsc.Systematic and unbiased approach to understand the marketd.Designing products to meet the selected segment of the customers
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