The 7-step approach to market segmentation used in the text shows that:
A) determining needs rarely change.
B) profit is the overall consideration beginning with Step 1.
C) it's useless to consider what people in each submarket do not want when so much is known about what they do want.
D) submarkets are nicknamed based on their qualifying needs.
E) None of these is true.

Question

Quizplus · Accepted Answer

None of the given statements are true. The 7-step approach to market segmentation involves identifying the market, determining the criteria for segmentation, profiling the segments, evaluating the attractiveness of each segment, selecting the target segments, and developing a positioning strategy for each chosen segment. The approach does not prioritize profit over customer needs, and it considers both the wants and the needs of each submarket. Additionally, submarkets are named based on their shared characteristics, not just their qualifying needs.

The 7-Step Approach to Market Segmentation Used in the Text