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In the context of business environment, what does the term 'market segmentation'

Practice Questions

Q1
In the context of business environment, what does the term 'market segmentation' refer to?
  1. Dividing a market into distinct groups
  2. Analyzing competitors
  3. Identifying customer needs
  4. Setting pricing strategies

Questions & Step-by-Step Solutions

In the context of business environment, what does the term 'market segmentation' refer to?
  • Step 1: Understand that a market is made up of many potential customers.
  • Step 2: Recognize that these customers have different needs, preferences, and characteristics.
  • Step 3: Learn that market segmentation is the process of dividing these customers into smaller groups.
  • Step 4: Each group, or segment, has similar needs or characteristics.
  • Step 5: Businesses use market segmentation to tailor their products and marketing strategies to meet the specific needs of each group.
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