Market segmentation refers to the process of dividing a firm's total customer base into homogeneous clusters in a way that allows management to formulate unique marketing strategies for each group.

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Market segmentation involves dividing a broad target market into subsets of consumers who have common needs and priorities, and then designing and implementing strategies to target them. This allows for more tailored marketing efforts that can better meet the needs of different customer groups.

Market Segmentation Refers to the Process of Dividing a Firm's