Explain why a retailer should be concerned with market ...

[karen]

Explain why a retailer should be concerned with market segmentation and identifying a target market. Define and discuss the three criteria that should be met to reach a target market.

Question 2

Possession reconfiguration is where and how a customer takes physical possession of
  the merchandise.
 
 Indicate whether the statement is true or false

[Chelseyj.hasty]

Answer to Question 1

Market segmentation is the method retailers use to segment, or break down, heterogeneous consumer populations into smaller, more homogeneous groups based on their characteristics. Since any single retailer cannot serve all potential customers, it is important that it segment the market and select a target market. A target market is that segment of the market that the retailer decides to pursue through its marketing efforts. Retailers in the same line of retail trade often pursue different target markets.
Sometimes it is not easy to reach every target market. A retailer must identify its target market before it decides how to best reach that market.

To reach a target market successfully, three criteria should be met. First, the retailer should seek a measurable market segment. This requires the retailer to rely on objective measures for which there is data available. The second criteria is accessibility, or the degree to which the retailer can target its promotional or distribution efforts to a particular market segment. The location decision is largely determined by identifying the most effective way to reach a target market. Finally, successful target marketing requires that the segment be substantial or large enough to be profitable for the retailer.

Answer to Question 2

T

[karen]

TYSM

[billybob123]

Excellent