Question

You invent of a new type of cat-walking leash. You choose a market segmentation approach and decide to target the international cat owner population and sell online. You are having trouble finding a way to measure this large population, and there is no data about cat owners who use leashes. It seems quite expensive to figure out, so you review the components of an ideal market and realize your segmentation approach does not meet any of the effective segmentation conditions. From this point you should:
A. continue using current approach to see if it works out or not

B. refine your apporach by going back to the drawing board

C. tell no one and hope for the best

Answer 1

Refine your approach by going back to the drawing board.

Answer: Option B.

Explanation:

The essential issue with this methodology is that you are thinking about the entire world as your customer, and not Coke has such a wide methodology. So as to successfully characterize an objective market (a genuine one), you should follow some fundamental advances:  

1. take a gander at your ebb and flow client base: this progression doesn't make a difference to this circumstance legitimately, however you can look through data about comparable items offered by the challenge.  

2. break down your item: what is it precisely that you are advertising? what necessities would you say you will fulfill?  

3. characterize a particular segment focus on: the entire world is my objective market doesn't have any significant bearing here. You need to pick certain segment components to attempt to figure out who is destined to buy your item.  

4. examine the psycho graphics of your expansive objective: psycho graphics incorporate the individual qualities of your latent capacity target showcase, for example adores creatures, caring individuals, and so on.  

5. in the wake of finishing stages 1-4, consider if your objective market is excessively expansive or excessively tight, and make any adjustments dependent on your abilities and necessities.