[steps] There are five steps involved in segmenting and targeting markets. What should amarketer do after grouping products to be sold into categories?Form prospective buyers into market segments.Take marketing actions to reach target markets.O Identify market needs.O Develop a market-product grid and estimate size of markets.O Create product groupings.

Segmenting - Targeting - Positioning is an important process of marketing. It involves segmenting…

Answered: [steps] There are five steps involved…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Market segmentation and product positioning in consumer markets are extremely important concepts for marketers to address. One of the big questions to address is what attributes should end up in the final positioning model(s). Furthermore, there are questions of whether the attributes should be of utilitarian or more hedonistic/psychographic in nature. Clearly there is also a place for creativity in these regards. Discuss how marketing management should go about making these critical product/brand positioning decisions. After some discussion, present an example of a creative perceptual map that Burger King could use to position and differentiate its brand from others like McDonald’s, Kentucky Fried chicken, and other fast food restaurants.
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3
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