BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1.Do not think much about long-run opportunities in the market
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2. Work without paying attention to target markets.
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3. Identify segmentation variables and segment the market.
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4.Never consider profiles of customer segments in response to any new product or service.
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Detailed explanation-1: -Evaluating Market Segments: When evaluating different market segments, a firm must look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.
Detailed explanation-2: -There are three different target market strategies you can implement – differentiated marketing, concentrated marketing, and undifferentiated marketing. Learn the differences and select the right strategy for your business.
Detailed explanation-3: -Market segmentation is the process of dividing the market into subsets of customers who share common characteristics. The four pillars of segmentation marketers use to define their ideal customer profile (ICP) are demographic, psychographic, geographic and behavioral.
Detailed explanation-4: -Segmentation is the process of dividing a company’s target market into groups of potential customers with similar needs and behaviours. Doing so helps the company sell to each customer group using distinct strategies tailored to their needs.