Question: A customer lifecycle approach to segmentation examines how individuals' needs, preferences, and behaviors typically change as they age and reach common age-related milestones (e.g., school,

A customer lifecycle approach to segmentation examines how individuals' needs, preferences, and behaviors typically change as they age and reach common age-related milestones (e.g., school, marriage, retirement). A marketing strategy then can be designed to target the average person in each segment, which each represent a distinct life stage. A potential shortcoming of this approach is that q,a. all customers in a segment may not be changing in the same way or moving towards the same milestones, and thus, the average person doesn't necessarily paint an accurate picture of the customers in a segmentb. it doesn't account for current environmental factors that may be influencing customers to change over time differently than how they did in the pastc. customers' age or life-stage may not always be relevant to their decision to purchase or migrate from a brand or productd. all of the above

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!