What is most likely the first major marketing decision that a retailer must take?

Question

BlackTom AI · Accepted Answer

When considering the sequence of early marketing decisions for a retailer, the initial step is to divide the broad market into more manageable groups.
Option 1: 'segmenting the market' — This is the foundational move because it identifies distinct customer groups with similar needs or characteristics, enabling more precise later decisions on whom to serve and how.
Option 2: 'positioning' — Positioning comes after you’ve identified who you will serve and how you want them to perceive the brand or offering; it relies on segmentation and targeting decisions that precede it.
Option 3: 'differentiation' — Differentiation concerns how your product or service stands out relative to competitors, but you typically base this on the chosen market segments and the needs of those segments identified through segmentation.
Option 4: 'promoting' — Promotion is part of the marketing mix (communication) and is executed after you decide which segments to target and how to position and differentiate your offerings; it cannot stand alone as the first major decision.
Option 5: 'segmenting the market' (the listed option) — Reiterating that segmentation is the initial, prerequisite step that shapes all subsequent strategic choices, making it the most logical first major marketing decision for a retailer.

What is most likely the first major marketing decision that a retailer must take?

View Explanation

Log in for full answers

Similar Questions

What is most likely the first major marketing decision that a retailer must take?

A business should try to market to all segments at the same time to maximize reach.

Dividing a market by age, income, or gender is:

We laid out 7 steps in the Market Segmentation Process. Select each of the correctly matched steps with it's definition and/or action taken.

Nike’s ‘Just Do It’ campaign has evolved to feature athletes of all backgrounds across global markets. Which IMC goal does this illustrate?

Which of the follow are elements of market segmentation?

Today, marketers are increasingly emphasizing a Tiffany/Walmart strategy, which is to offer

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is known as

More Practical Tools for International Students

Homework AI Solver

Stylized Writing Assistant

Plagiarism Checker Assistant

Citation Assistant

In-Class Translation Assistant

Class Notes Assistant

Quiz Search Assistant

Past Exam Questions by School

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler