Question

The first step in selecting a target market is to study the industry in which the firm intends to compete and determine the different potential target markets in that industry. This process is calledA) market positioning
B) market splitting
C) market targeting
D) market subdividing
E) market segmentation

Answer 1

Answer:

E) market segmentation

Explanation:

• The first step in selecting the target market is the market segmentation and is obtained by dividing the broad customer base that consists of the existing and potential customers into subgroups on the basis of their characteristics.

• And includes the B2B and B2C aspects of client and the company.  This needs different programs like the price, promotion and distribution and a combination of the market variable.