2. You have been asked to identify the various segment in the market and then a potential targeting strategy. Describe the segments for a pet supply store and then justify the best targeting strategy to use.

The various segments in the market include:

Explanation:

Market segmentation is designed to identify the most profitable segments in order to better understand their needs and purchase motivations.  

Targeting strategy is a strategy for selection of potential customers a company can sell its products to. Targeting is done to a specific target group with respect to the various segments in any market.

A pet supply store can use differentiated marketing or multi-segment targeting since its market segmentation reveals several potential target segments that the company can serve profitably. A differentiated marketing strategy exploits the differences between marketing segments by designing a specific marketing mix for each segment.

In this case, specific marketing mixes can be developed to appeal to all or some of the segments.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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