Comment if you agree or disagree with this post. 1. What type of variables are used for market segmentation? Benefit variables are used for markets that are segmented by customers seeking benefits that satisfy their needs. Demographic variables seek out characteristics in customers that fit certain descriptions that can include purchasing power and consumption patterns. Also, it can be more specific by gearing toward gender, age, occupation, whether married or single and income.
Comment if you agree or disagree with this post.
1. What type of variables are used for market segmentation? Benefit variables are used for markets that are segmented by customers seeking benefits that satisfy their needs. Demographic variables seek out characteristics in customers that fit certain descriptions that can include
2. Would a small firm use the same variables as a large business? Why or why not? I would have to say yes. No matter the size of a company, the customer base remains the same. Someone is always shopping for something. Both types of variables are needed to implement forecasting and market strategy. (Longenecker, et al. 2020). Take an antique store, for example. Just because it's a small business, perhaps ran by mom and pop, doesn't mean it has to limit who it sells to. The variables are the parameters and as long as a customer has a desire to shop at an antique store, there isn't any specific reason not to. There may be more women who drag their husbands to those type of stores than men dragging their wives, but ultimately, he has just as much chance to benefit as she does because he may actually find something that appeals to him as well.
Step by step
Solved in 2 steps
