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What does market segmentation involve?
What does market segmentation involve?
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Practice Questions
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What does market segmentation involve?
Dividing a market into distinct groups of buyers
Creating a single marketing strategy for all customers
Increasing the price of products
Reducing the number of products offered
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Market segmentation involves dividing a market into distinct groups of buyers with different needs or characteristics.
Questions & Step-by-step Solutions
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Q
Q: What does market segmentation involve?
Solution:
Market segmentation involves dividing a market into distinct groups of buyers with different needs or characteristics.
Steps: 5
Show Steps
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: Identify the different groups of buyers based on these differences.
Step 4: Divide the market into these distinct groups, which is called segmentation.
Step 5: Use this information to target each group effectively with specific products or marketing strategies.
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