The process of dividing a market into distinct subsets of consumers with common needs or characteristics is known as ________.
A) target marketing
B) market segmentation
C) mass marketing
D) the marketing concept
E) market evaluation

Question

Quizplus · Accepted Answer

Market segmentation is the process of dividing a market into distinct subsets of consumers based on common needs or characteristics. Target marketing is the selection of a specific segment to focus on with marketing efforts. Mass marketing is a strategy of offering a single product or service to the entire market without differentiation. The marketing concept is a business philosophy that emphasizes satisfying customer needs while achieving organizational goals. Market evaluation involves analyzing various factors to determine the attractiveness and potential profitability of a market.

The Process of Dividing a Market into Distinct Subsets of Consumers