The seven-step approach to market segmentation does not estimate the size of each submarket until Step 7.

Question

Quizplus · Accepted Answer

The seven-step approach to market segmentation involves identifying the potential bases for segmenting the market, developing segment profiles, evaluating alternative segments, selecting target markets, identifying possible positioning concepts, developing a marketing mix for each segment, and estimating the size of each submarket (in that order). Therefore, the size estimation does not occur until Step 7.

The Seven-Step Approach to Market Segmentation Does Not Estimate the Size