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Which of the following best describes 'market segmentation'?

Practice Questions

Q1
Which of the following best describes 'market segmentation'?
  1. Dividing a market into distinct groups of buyers
  2. Creating a single marketing strategy for all customers
  3. Analyzing competitors' market share
  4. Identifying the target market for a new product

Questions & Step-by-Step Solutions

Which of the following best describes 'market segmentation'?
  • Step 1: Understand that a market is made up of many different buyers.
  • Step 2: Recognize that these buyers have different needs, preferences, or characteristics.
  • Step 3: Learn that market segmentation is the process of dividing the overall market into smaller groups based on these differences.
  • Step 4: Realize that each group can be targeted with specific marketing strategies to better meet their needs.
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