The process of dividing the market into groups that have somewhat homogeneous needs for a product or service is called

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The process of dividing the market into groups that have somewhat homogeneous needs for a product or service is known as market segmentation. It is a crucial step in the marketing process, as it helps identify and understand customer needs and preferences, which in turn helps in targeting the right customer segments and developing effective marketing strategies.

The Process of Dividing the Market into Groups That Have