Which of the following is NOT a market segmentation approach?Multiple choice question.GeographicProductDemographicPsychographicBenefit

Break Down the Problem

1. Identify the different types of market segmentation approaches.
2. Determine which option does not belong to the established categories of market segmentation.

Relevant Concepts

Market segmentation typically includes various approaches:

• Geographic Segmentation: Dividing the market based on geographical boundaries.
• Demographic Segmentation: Segmenting based on demographic factors like age, gender, income, etc.
• Psychographic Segmentation: Categorizing based on lifestyle, values, personality, etc.
• Benefit Segmentation: Grouping consumers based on the specific benefits they seek from a product.

Analysis and Detail

Now, let's analyze the provided options:

1. Geographic - This is a common segmentation approach.
2. Product - This is NOT a recognized market segmentation approach.
3. Demographic - This is also a recognized approach.
4. Psychographic - This is a valid market segmentation method.
5. Benefit - This is a recognized segmentation approach.

Verify and Summarize

Based on the definitions and established categories, "Product" does not fit as a market segmentation approach like the others.

Final Answer

The option that is NOT a market segmentation approach is Product.