Q1. “Lifestyle and psychographic segmentations are very complex to understand and implement. Companies make heavy investments in consumer research to identify such segments, their behavior, their potential etc. Despite all the hard work there is always a chance that such segmentation strategies might fail. On the other hand, demographic segmentation id much simpler, cost effective and easy to implement, still marketers prefer the former one..." What are your views on the above statement? Discuss in detail.

Q1. “Lifestyle and psychographic segmentations are very complex to understand and implement. Companies make heavy investments in consumer research to identify such segments, their behavior, their potential etc. Despite all the hard work there is always a chance that such segmentation strategies might fail. On the other hand, demographic segmentation id much simpler, cost effective and easy to implement, still marketers prefer the former one..." What are your views on the above statement? Discuss in detail.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Concept explainers

Market Research Methodology

Market research refers to employing strategies, collecting data, and studying the target audience of a product by an organization. Businesses analyze customer data to figure out consumer trends, improve product design, improve user experience, develop customer-centric marketing campaigns, generate high-quality leads, and boost conversion rates. Phone surveys, test marketing strategies, and focus groups can be used for marketing research.

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Q1. “Lifestyle and psychographic segmentations are very complex to understand and
implement. Companies make heavy investments in consumer research to identify such
segments, their behavior, their potential etc. Despite all the hard work there is always a
chance that such segmentation strategies might fail. On the other hand, demographic
segmentation id much simpler, cost effective and easy to implement, still marketers prefer the
former one..."
What are your views on the above statement? Discuss in detail.

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