Final answer:
The incorrect step is charging higher prices to groups with more elastic demand; segmenting involves grouping based on different demands and offering discounts, not raising prices on price-sensitive groups.
Step-by-step explanation:
The option that is not one of the three steps to take in segmenting customers into groups is "Charge higher prices to groups with more elastic demand." Segmenting customers involves dividing consumers into distinct groups based on different demand characteristics, which may include needs, behaviors, or demographics. Giving discounts based on identifiable characteristics is a common practice to attract specific customer segments. However, charging higher prices to those with more elastic demand contradicts fundamental economic principles, as elastic demand implies consumers are sensitive to price changes and would likely reduce consumption in response to higher prices.
To address the self-check question regarding price elasticity of demand between specified points, you would calculate the percentage change in quantity demanded over the percentage change in price between the given points. Then, you would classify each point's elasticity as elastic (elasticity greater than one), inelastic (elasticity less than one), or unit elastic (elasticity exactly one) based on the calculated elasticity.