The process of dividing a larger market into smaller groups based on meaningfully shared characteristics is called positioning.

Name: The process of dividing a larger market into smaller groups based on meaningfully shared characteristics is called positioning.
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Quizplus · Accepted Answer

The process described is called market segmentation, not positioning. Positioning refers to the strategy of placing a brand or product in a certain position or perception in the consumers' minds relative to competitors.

The Process of Dividing a Larger Market into Smaller Groups