What are typical steps in the market segmentation process?

Question

Multiple select question.

estimating the size of each product-market subsegment

identifying potential customer needs

selecting a broad product market

creating advertising targeting a specific submarket

Answer 1

The typical steps in the market segmentation process include:

1. Selecting a broad product market - This is usually the first step, where a company identifies the overall market it wants to explore.

2. Identifying potential customer needs - In this step, the company looks at the characteristics and needs of consumers within the selected market.

3. Estimating the size of each product-market subsegment - After identifying customer needs, the next step is to assess the size and potential of different segments within the market.

4. Creating advertising targeting a specific submarket - Once segments are defined and prioritized, tailored marketing strategies and advertising campaigns can be designed for specific submarkets.

All options presented are valid steps in the market segmentation process.