Which of the following statements regarding market segmentation is correct?

Question

Quizplus · Accepted Answer

Market segmentation is the process of dividing a market into distinct subsets of consumers based on their characteristics, needs, or behavior. It helps companies to target specific groups of consumers with tailored marketing strategies and products. Option B is incorrect because developing the communication mix is part of the marketing mix strategy, which comes after market segmentation. Option C is also incorrect, as market segmentation is a more precise approach compared to mass marketing, which targets a wide audience with the same product and message. Option D is incorrect as consumer personality is a psychographic segmentation variable, not demographic.

Which of the Following Statements Regarding Market Segmentation Is Correct