1.6 Research Phases
The characteristics of current customers best predict the characteristics of potential customers.
Market segmentation guides marketers to select the best target market and to create marketing strategies that distinctly position the business as serving this market segment. This process has three phases:
- Exploratory research elicits response options for closed-ended survey questions.
- Survey research quantifies responses from a proportionally representative sample of current customers.
- Segmentation research categorizes respondents into market segments and describes the distinctive characteristics of each market segment.
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