The process of dividing the market into groups that have somewhat homogeneous needs for a product or service is called _____.

Question

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Market segmentation is the process of dividing the market into smaller groups with similar needs or characteristics. This is an important step in developing a targeted marketing strategy to effectively reach and serve specific segments of the market. Product differentiation refers to the process of creating unique features or benefits that distinguish a product from its competitors. Market degradation and benchmarking are not related to market segmentation.

The Process of Dividing the Market into Groups That Have