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Which of the following best describes the term 'market segmentation'?
Which of the following best describes the term 'market segmentation'?
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Practice Questions
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Q1
Which of the following best describes the term 'market segmentation'?
Dividing a market into distinct groups of buyers
Analyzing competitors' market share
Creating a single marketing strategy for all customers
Identifying the target market for a new product
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Market segmentation involves dividing a market into distinct groups based on various criteria.
Questions & Step-by-step Solutions
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Q
Q: Which of the following best describes the term 'market segmentation'?
Solution:
Market segmentation involves dividing a market into distinct groups based on various criteria.
Steps: 5
Show Steps
Step 1: Understand that a market is made up of many different customers.
Step 2: Recognize that not all customers have the same needs or preferences.
Step 3: Learn that market segmentation is the process of dividing these customers into smaller groups.
Step 4: Identify that these groups are based on specific criteria, such as age, interests, or buying behavior.
Step 5: Realize that this helps businesses target their products or services more effectively.
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