In the seven-step approach to market segmentation
A) apartment buildings in cities with large student populations are the focus of the example.
B) homogeneous submarkets are immediately identified in Step 1.
C) the submarkets are nicknamed based on their qualifying needs.
D) profit is considered in all seven steps.
E) None of these is true.

Question

Quizplus · Accepted Answer

The seven-step approach to market segmentation involves identifying and analyzing various aspects of the market to divide it into distinct segments based on different criteria, such as demographic, geographic, psychographic, and behavioral factors. It does not specifically focus on apartment buildings in cities with large student populations, immediately identify homogeneous submarkets in Step 1, nickname submarkets based on their qualifying needs, or consider profit in all seven steps. These steps are more about understanding and dividing the market rather than focusing on specific examples or considering profit at every stage.

In the Seven-Step Approach to Market Segmentation