Smith's is currently conducting market segmentation studies.For several segments, it has completed competitive assessments and cost estimates.The next major step it must take is to:
A)determine which segmentation variables to use.
B)develop market segment profiles.
C)identify the appropriate targeting strategy.
D)select specific target markets.
E)develop sales forecasts.

Question

Quizplus · Accepted Answer

After completing competitive assessments and cost estimates for several segments, the next step for Smith's is to select specific target markets. This involves evaluating the attractiveness of each segment and choosing one or more segments to focus on based on factors such as size, growth potential, profitability, and compatibility with the firm's resources and capabilities. Once specific target markets have been selected, Smith's can then develop market segment profiles and identify the appropriate targeting strategy, which may involve different marketing mix elements for each target segment. Sales forecasts can be developed after these steps have been completed.

Smith's Is Currently Conducting Market Segmentation Studies