Select a product or service of interest, and develop a segmentation scheme chart with 16 segments...

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Advance Math

Select a product or service of interest, and develop asegmentation scheme chart with 16 segments for the market, thatinvolves at least 4 variables. Select and justify the choice of atarget market.

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How to segment a marketA stepbystep guide on how to construct market segments isprovided below However there are a number of relevant topicdiscussions on the marketing study guide which may be beneficialfor you These topics are included in the side bar menu and inrelated topics at the bottom of this pageDepending upon your segmentation task you may need just tocomplete steps one to three below or you may need steps one to six so check what is required firstStep One Define the marketThe first step in creating market segments is to clearly definethe market of interest As discussed in the markets submarketsand productmarkets section it is important not to define a markettoo broadlyFor instance lets assume that you are looking to segment themarket for a firm that operates a chain of book stores It would betoo toplevel and too awkward to define the market as all retailingconsumers as it is unlikely to lead to any meaningfulsegmentationAs shown in the following diagram we need to split out theoverall broad market retailing into its various submarkets suchas supermarkets specialty stores and so onWe can also further define some of these submarkets if theyare still too broad as is shown for specialty stores belowAnd finally we need to determine the markets See Answer

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