Name and describe the seven key steps in a needs-based market segmentation process

What will be an ideal response?

(1 ) Needs-Based Segmentation — Group customers into segments based on similar needs and benefits sought by customers in solving a particular consumption problem.
(2 ) Segment Identification — For each needs-based segment, determine which demographics, lifestyles, and usage behaviors make the segment distinct and identifiable (actionable).
(3 ) Segment Attractiveness — Using predetermined segment attractiveness criteria determine the overall attractiveness of each segment. Common to most assessments would be measurements of market growth, competitive intensity and market access.
(4 ) Segment Profitability — Determine segment profitability (net market contribution).
(5 ) Segment Positioning — For each segment, create a "value proposition" and product-price positioning strategy based on that segment's unique customer needs and characteristics.
(6 ) Segment Strategy "Acid Test" — Create "segment storyboards" to test the attractiveness of each segment's positioning strategy.
(7 ) Marketing Mix Strategy — Expand segment positioning strategy to include all aspects of the marketing mix: product, price, promotion and place.