Small athletic shoe manufacturers such as Vans and New Balance have targeted niche markets and made shoes designed to satisfy needs of different customers. This strategy is an example of:
A)synergy.
B)market segmentation.
C)mass customization.
D)MSA and NAICS.

Question

Quizplus · Accepted Answer

Market segmentation is a strategy in which a company divides its target market into smaller segments with specific needs and preferences, and then creates products or services to meet those specific needs. By targeting niche markets, small athletic shoe manufacturers like Vans and New Balance are able to meet the unique needs of their customers and establish a competitive advantage.

Small Athletic Shoe Manufacturers Such as Vans and New Balance