Which of the following refers to the process of dividing the total market into several groups with similar characteristics?

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Market segmentation is the process of dividing the total market into smaller segments based on shared characteristics such as demographics, psychographics, behavior, or geographic location. This enables marketers to tailor their marketing strategies to the specific needs and preferences of each segment, leading to more effective and targeted marketing campaigns. Market differentiation refers to the process of creating a unique product or service that stands out from competitors in the market, while market determinants and market partitioning are not commonly used terms in marketing.

Which of the Following Refers to the Process of Dividing