Given its interest in the broad product-market for "ready-to-eat, health-conscious snack foods," which of the following should the GoodHealth Foods Co. do FIRST?
A) Develop a plan for getting support from intermediaries.
B) Develop each of the four Ps at the same time.
C) Segment the product-market to try to identify homogeneous submarkets and select an attractive target market.
D) Determine whether to compete on a price basis.
E) Decide what low-fat product or products it will offer.

Question

Quizplus · Accepted Answer

The first step for GoodHealth Foods Co. should be to segment the product-market to try and identify homogeneous submarkets and select an attractive target market. This will help them better understand their potential customers and their needs and preferences, allowing them to create a product that is tailored to their target market's tastes and desires. Only after selecting a target market should they move on to developing the four Ps, deciding on pricing, and determining distribution strategies.

Given Its Interest in the Broad Product-Market for "Ready-To-Eat, Health-Conscious