The process of dividing the market into groups of customers with different needs, wants, or characteristics is called
A)target marketing.
B)market segmentation.
C)positioning.
D)allocation.
E)value capture.

Question

Quizplus · Accepted Answer

Market segmentation is the process of identifying and dividing the market into smaller groups of customers with similar needs, wants, or characteristics. This segmentation helps the company to better understand the needs and preferences of their target customers and develop products and marketing strategies that are tailored to their specific needs. Target marketing is the process of selecting and targeting specific market segments that the company wants to focus on. Positioning is the process of creating a unique image and identity for the company's products or services in the minds of the target customers. Allocation is the process of allocating resources, such as budget, time, and personnel, to different activities or projects. Value capture is the process of capturing the value that a company creates for its customers, employees, or stakeholders, through pricing, cost management, or other strategies.

The Process of Dividing the Market into Groups of Customers