Market segmentation is a two-step strategic process,and the first step is to
A) conduct advertising research that determines consumers' reactions to various ad campaigns.
B) identify groups of people with certain shared characteristics within the broad product market.
C) locate as many market niches as possible that will be profitable for the firm.
D) develop place, time, service, and possession utility.
E) determine which personal influences will have the appropriate effect on consumers.

Question

Quizplus · Accepted Answer

The first step of market segmentation is to identify groups of people with shared characteristics within the broad product market. This allows for targeted marketing efforts and more effective use of resources. Option A is more related to market research, option C is focused on finding profitable niches rather than segmentation, and options D and E are not directly related to segmentation.

Market Segmentation Is a Two-Step Strategic Process,and the First Step