Question

Consumer buying behavior is the sum total of a consumer's attitudes, preferences, intentions, and decisions regarding the consumer's behavior in the marketplace when purchasing a product or service. The study of consumer behavior draws upon social science disciplines of anthropology, psychology, sociology, and economics. Consumer behaviour is a field of psychology that studies the way individuals spend money. Consumer behaviour is an important consideration in fields such as economics and marketing, since understanding how consumers make their decisions can help predict how consumers will react to different situations.
Question 1 : Market segmentation does not include ?
Select one:
a. Develop positioning for each target segment
b. Select the target segment
c. Develop profiles of various resulting segment
d. Identify segmentation variables

Answer 1

Answer:

The correct answer is option (a) Develop positioning for each target segment

Explanation:

• Market segmentation is to pinpoint specific customer groups so that merchandise and branding can be tailored to appeal to them.
• There are many different ways to segment markets, including geographically, demographically, or behaviorally.
• By identifying the items that are most likely to capture a portion of a target market and the most effective channels for marketing and distributing those products, market segmentation aids businesses in reducing risk.
• A corporation can then concentrate its resources on activities that are expected to yield the highest profits when risk is reduced and clarity regarding the marketing and delivery of a product is increased.
• A company's demographic reach can be expanded through market segmentation, and it might also lead to the discovery of goods or services they had not previously thought about.

Steps in Market Segmentation are-

• Market Segmentation

1. Identify market segmentation variables and segment the market.

2.Create profiles for the resulting segments.

• Market Targeting

3. Evaluate each segment's attractiveness.

4. Select the target segment

• Market Positioning

5. Identify potential positioning ideas for each target market segment.

6. Select, develop, and share the preferred positioning concept

Since,  Developing positioning for each target segment is a part of Market Positioning hence it is not included in market segmentation.

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