Question

Carolina Biological Supply Company sells science instructional materials. It wants to grow beyond the current customer base and identify potential markets besides the public education systems. What is the order it should follow to take in the market targeting process? Multiple Choice Question

Answer 1

Answer:

The correct answer is letter "A": research and validate marketing opportunity, identify business needs, segment total market, profile target customer segment, research and validate marketing opportunity.

Explanation:

In an attempt to expand their operations, companies must analyze the market where they are planning to handle businesses. For such a purpose, entities must use two important tools which are segmentation and targeting. Segmentation is the classification of the market that differentiates customers by different features such as age, gender or income.

Targeting refers to selecting a specific sector of the market to whom the product planned to be manufactured will be offered. The steps an organization should follow to conduct the segmentation and targeting correctly are:

1. Research and validate marketing opportunity (in the beginning)
2. Identify business needs
3. Segment total market
4. Profile target customer segment
5. Research and validate marketing opportunity (at the end)