The process of identifying groups within the market whose needs and wants intersect with the product and its features is known as ________.

Question

Quizplus · Accepted Answer

The process of identifying specific groups (segments) within the market whose needs and wants intersect with the product and its features is known as market segmentation. It is a fundamental step in the marketing strategy and helps refine the target audience for a product or service. It enables businesses to tailor their marketing efforts and product offerings to specific segments, which can improve their effectiveness and efficiency. Options A, B, C, and D are all important elements of a marketing strategy, but they are not directly related to market segmentation.

The Process of Identifying Groups Within the Market Whose Needs