Identify the process by which a market is divided into distinct subsets of customers with similar needs and characteristics that led them to respond in similar ways to a particular product offering and marketing program.
A)target marketing
B)market segmentation
C)product positioning
D)diversification

Question

Quizplus · Accepted Answer

Market segmentation involves dividing a market into smaller groups of customers with similar needs and characteristics. This allows companies to tailor their product offerings and marketing strategies to better appeal to each segment, ultimately improving overall sales and customer satisfaction. Target marketing refers to the practice of directing a company's marketing efforts towards a specific group of consumers within a larger market segment. Product positioning involves creating a specific image or perception of a product in the minds of consumers, often by highlighting its unique benefits or features. Diversification, on the other hand, refers to a company's strategy of expanding into new markets or product categories in order to spread risk and increase long-term profitability.

Identify the Process by Which a Market Is Divided into Distinct