Community Trust Bank is analyzing its customer data to determine if groups other than the business customers can be identified.The bank is looking at the frequency of branch visits,use of ATMs,online banking activity,loan activity,and account balances for each customer.The bank has identified three groups of customers based on these factors and is considering offering different products to better meet the needs of each group.Which of the following marketing concepts is represented by this exercise?
A) Total value concept
B) Market segmentation
C) Value reengineering
D) Marketing audit
E) Environmental scanning

Question

Quizplus · Accepted Answer

The exercise represents market segmentation, which involves dividing a market into smaller groups of customers with similar needs and characteristics in order to develop targeted marketing strategies for each group. Community Trust Bank has identified three groups of customers based on certain factors and is considering offering different products to meet the needs of each group.

Community Trust Bank Is Analyzing Its Customer Data to Determine