Market segmentation separates consumers of a product into different groups in such a way that members of each group are similar to each other and there are differences between groups.

Question

Quizplus · Accepted Answer

Market segmentation is a process of dividing customers into groups with similar needs or characteristics. The aim is to create marketing campaigns and products that will appeal to each group in a targeted way. By dividing customers into segments, companies can better understand their different needs and develop marketing strategies to meet their specific needs. The groups formed through market segmentation should be similar within each group and different from other groups.

Market Segmentation Separates Consumers of a Product into Different Groups