aggregation of prospective buyers into groups that (1)have common needs and (2)will respond similarly to a marketing action is referred to as __________.
A) market diversification
B) market differentiation
C) market segmentation
D) market augmentation
E) market repositioning

Question

Quizplus · Accepted Answer

Market segmentation involves dividing a market into smaller groups of consumers who have similar needs and characteristics. This allows businesses to tailor their marketing efforts and product offerings to specific segments, increasing the chances of success. Market diversification, differentiation, augmentation, and repositioning all refer to different strategies in marketing and do not involve the grouping of prospective buyers.

Aggregation of Prospective Buyers into Groups That (1)have Common Needs