Firms must attempt to group consumers according to the presence or absence of those factors that affect purchase decisions.

Question

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This process is known as market segmentation, which involves dividing a broad target market into subsets of consumers who have common needs, interests, and priorities, and then designing and implementing strategies to target them. Grouping consumers based on factors affecting purchase decisions allows firms to more effectively meet the specific needs of different market segments.

Firms Must Attempt to Group Consumers According to the Presence