Which of the following is a definition of market segmentation?
A) It refers to identifying distinct groups of customers whose purchasing behavior differs from others.
B) It refers to developing existing market segments and increasing market share within those segments.
C) It refers to identifying the need for new products in existing markets and developing products for those markets.
D) It refers to identifying new markets that can buy existing products.
E) It refers to identifying the needs of a new market and developing new products for that market.

Question

Quizplus · Accepted Answer

Market segmentation refers to the process of dividing a larger market into smaller groups or segments based on similar characteristics, needs, or preferences. Option A is the most accurate definition that identifies the purpose of market segmentation as identifying distinct groups of customers whose purchasing behavior differs from others.

Which of the Following Is a Definition of Market Segmentation