Which of the following refers to the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors?
A) market diversification
B) market segmentation
C) downsizing
D) customer relationship management
E) prospecting

Question

Quizplus · Accepted Answer

Market segmentation is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors. This allows businesses to tailor their marketing and sales efforts to specific customer groups, rather than taking a one-size-fits-all approach. By understanding the unique needs and behaviors of each customer segment, businesses can develop more targeted and effective marketing strategies, improve customer satisfaction, and ultimately increase sales and profits. Market diversification refers to the process of expanding a company's product line or entering new markets, downsizing refers to reducing the size or scope of a business, customer relationship management refers to the strategies and tools used to manage and improve relationships with customers, and prospecting refers to the process of identifying and qualifying potential customers.

Which of the Following Refers to the Process of Dividing