Aggregating prospective buyers into groups that (1)have common needs and (2)will respond similarly to a marketing action is referred to as __________.
A)market aggregation
B)market segmentation
C)product segmentation
D)product grouping
E)mass marketing

Question

Quizplus · Accepted Answer

Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs or characteristics. These groups, known as market segments, can then be targeted with a specific marketing mix that meets their unique needs and preferences. This approach is more effective than mass marketing because it allows companies to tailor their messages and offerings to specific audiences, leading to higher response rates and customer satisfaction.

Aggregating Prospective Buyers into Groups That (1)have Common Needs and (2)will