The process of naming broad product-markets and then segmenting them in order to select target markets and develop suitable marketing mixes is called:
A) Market penetration.
B) Market segmentation.
C) Market development.
D) Market research.
E) Market pioneering.

Question

Quizplus · Accepted Answer

This process is known as market segmentation which involves dividing a larger market into smaller groups of consumers with similar needs or characteristics, in order to target them with specific marketing efforts.

The Process of Naming Broad Product-Markets and Then Segmenting Them