mkt segmentation

Q: In market segmentation, what does "Identify bases" mean?

A: Divide the market using factors like demographics, behavior, or lifestyle.

Q: In market segmentation, what does "Develop profiles" mean?

A: Create detailed descriptions of each segment (needs, values, preferences).

Q: In market targeting, what does "Measure attractiveness" mean?

A: Evaluate which segments are worth pursuing (size, growth, competition, fit with resources).

Q: In market targeting, what does "Select segments" mean?

A: Choose the group(s) the company will serve.

Q: In market positioning, what does "Develop positioning" mean?

A: Decide how to be perceived in each target segment (e.g., affordable, premium, eco-friendly).

Q: In market positioning, what does "Design marketing mix" mean?

A: Tailor product, price, place, and promotion to fit the needs of each chosen segment.

Q: What acronym helps remember the segmentation process?

A: STP → Segmentation, Targeting, Positioning

Q: What mini acronym helps remember the sub-steps?

A: ID – MS – DD (Identify/Develop, Measure/Select, Develop/Design)