In the process of market segmentation, while determining consumer needs and wants, it is advisable for a company to:
A) forego undiscovered needs even if it possesses adequate venture capital to uncover them.
B) transcend the barriers that the industry places upon its range of need satisfaction activities.
C) use this step for the generation of theoretical strategies, rather than operational concepts.
D) modify or enhance offerings with relevant changes in technology for practical benefit.

Question

Quizplus · Accepted Answer

In the process of market segmentation, it is advisable for a company to modify or enhance offerings with relevant changes in technology for practical benefit, based on the determined consumer needs and wants. This ensures that the company's offerings are relevant and appealing to its target market, which can ultimately lead to increased sales and profits. Foregoing undiscovered needs or using this step for theoretical strategies only may result in missed opportunities and subpar offerings, while transcending industry barriers may not always be feasible or necessary.

In the Process of Market Segmentation, While Determining Consumer Needs