1. What is the primary purpose of customer segmentation?
2. Which sequence correctly describes the STP process?
3. How does market segmentation transform a heterogeneous market?
What does segmentation do with customers?
It groups customers with similar needs into homogeneous segments.
What are the three steps of the STP process?
Segmentation, targeting, and positioning.
Which company conducted a 2005 study segmenting hypertension patients by attitudes and adherence?
McKinsey & Company.
What are the six criteria for a useful market segmentation?
Identifiable, substantial, accessible, stable, differentiable, and actionable.
What are the three questions grouping consumer segmentation variables?
Who buys, what customers buy, and why they buy it.
What three factors does the RFM model use to segment customers?
Recency, frequency, and monetary value of purchases.
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