Peter is starting a new business. He has to develop a marketing strategy by identifying similar characteristics, attributes, and behaviors of the target market, and then group the customers according to these characteristics, attributes, and behaviors. The term used to describe Peter's strategy is:
A) target marketing.
B) customer relationship management.
C) cognitive dissonance.
D) market segmentation.

Question

Quizplus · Accepted Answer

Market segmentation involves dividing the target market into smaller groups of customers with similar characteristics, attributes, and behaviors. This allows for a more targeted and effective marketing strategy. Target marketing and customer relationship management are related concepts, but do not specifically refer to the process of grouping customers based on similarities. Cognitive dissonance refers to the discomfort or tension that arises when a person holds conflicting beliefs or values.

Peter Is Starting a New Business