Arrange the following in sequence for steps involved in identifying target market.

A. Divide the market into smaller market

B. Developing a marketing plan

C. Deciding what the general market wishes to pursue

D. Select segments to target

Choose the correct answer from the options given below:

C, A, D, B

The correct answer is option (2) - C, A, D, B

Identify the target market: For a new venture, it's very essential to define clearly the specific group of potential customers whose needs the enterprise aims to fulfill. This identification of the "target market" is pretty tedious task as it involves:

a) Deciding what the general market or industry entrepreneur wishes to pursue is based, on market research or industry analysis done and complied with by competent people or the entrepreneurs. (C)

b) Divide the market into smaller groups based on (A):

i) Consumer's characteristics viz. Geographic (State, Country etc.) Demographic (Sex, age, etc.) Psychographics (Personality, life style, etc.)

ii) Buying situations viz. Buying conditions (time available etc.), Usage, Desired benefits (features of product)

c) Select segment or segments to target.(D)

d) Develop a marketing plan integrating according to product, price, distribution, promotion. (B)