The first step, delineating the firm’s current situation, occurs when a business does a complete situational analysis that determines the “objectives, opportunities, and constraints for when selecting target markets and developing marketing mixes” (Peter & Donnelly, 2013). The second step is determining the needs and wants of a segment. In this step, a business may ask “what are the needs of the customers and how can we group those customers based on their needs” (Bhasin,
The first step, delineating the firm’s current situation, occurs when a business does a complete situational analysis that determines the “objectives, opportunities, and constraints for when selecting target markets and developing marketing mixes” (Peter & Donnelly, 2013). The second step is determining the needs and wants of a segment. In this step, a business may ask “what are the needs of the customers and how can we group those customers based on their needs” (Bhasin,