Question

You invent of a new type of cat-walking leash. You choose a market segmentation approach and decide to target the international cat owner population and sell online. You are having trouble finding a way to measure this large population, and there is no data about cat owners who use leashes. It seems quite expensive to figure out, so you review the components of an ideal market and realize your segmentation approach does not meet any of the effective segmentation conditions. From this point you should:

Answer 1

B) refine your approach by going back to the drawing board

Step-by-step explanation:

The basic problem with this approach is that you are considering the whole world as your client, and not Coke has such a broad approach. In order to effectively define a target market (a real one), you must follow some basic steps:

1. look at your current customer base: this step doesn't apply to this situation directly, but you can search information about similar products offered by the competition.
2. analyze your product: what is it exactly that you are offering? what needs are you going to satisfy?
3. define a specific demographic target: the whole world is my target market doesn't apply here. You have to choose certain demographic factors to try to determine who is most likely to purchase your product.
4. research the psychographics of your broad target: psychographics include the personal characteristics of your potential target market, e.g. loves animals, caring people, etc.
5. after completing steps 1-4, consider if your target market is too broad or too narrow, and make any corrections based on your capacities and needs.