Market segmentation defines a group of people who, as individuals or an organization, have needs for products and possess the ability, willingness, and authority to make a purchase.

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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. The definition provided accurately describes the concept by highlighting the importance of identifying groups with specific needs and the capability to purchase.

Market Segmentation Defines a Group of People Who, as Individuals