what are steps to segment a market for a product or service
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what are steps to segment a market for a product or service
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Answer:
The process of market segmentation consists of 5 steps: 1) group potential buyers into segments; 2) group products into categories; 3) develop market-product grid and estimate market sizes; 4) select target markets; and 5) take marketing actions to reach target markets.
Answer:
Step 1 – Define your market
Step 2 – Analyze existing customers
Step 3 – Create buyer persona(s)
Step 4 – Compare and identify gaps, groups, and opportunities
Step 5 – Define and name segments
Step 6 – Research segments separately
Step 7 – Test and optimize