Market segmentation means:
Correct answer: C. Dividing a market into groups with similar needs
- A. Selling one product to every customer
- B. Setting the lowest price in the market
- C. Dividing a market into groups with similar needs
- D. Selecting a single retailer for distribution
Explanation
Market segmentation divides a broad market into smaller groups whose members share characteristics or needs. Businesses can then design more suitable marketing strategies for each selected group.
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About Marketing Basics
Marketing begins with identifying customer needs and ends with creating, communicating and delivering value through exchange. Coverage includes market research, consumer behaviour, segmentation, targeting, positioning and the marketing mix of product, price, place and promotion, with marketing distinguished from selling and advertising.
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