In the process of market segmentation, marketers need to identify product-related need sets because:

• A. It helps match products to groups of consumers with similar willingness to pay.
• B. It eliminates the need to analyze consumer preferences.
• C. It allows marketers to set a single price for all consumers in the market.
• D. It ensures that consumer surplus is maximized for every individual.

Answer: (A)

Verified step by step guidance

1. Understand the concept of market segmentation: it involves dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics or needs.
2. Recognize that product-related need sets refer to the specific desires or requirements consumers have regarding a product, which influence their willingness to pay.
3. Analyze why identifying these need sets is important: it allows marketers to group consumers who have similar preferences and willingness to pay, enabling more targeted marketing strategies.
4. Consider the implications of matching products to these groups: it helps in designing products and pricing strategies that better satisfy each segment, rather than applying a one-size-fits-all approach.
5. Conclude that this process does not eliminate the need to analyze preferences, nor does it guarantee maximizing consumer surplus for every individual, but it does help in aligning products with consumer groups that share similar willingness to pay.