What is the purpose of market segmentation?
A) to group a large number of markets together enabling a company to serve them simultaneously
B) to enable the marketer to tailor marketing mixes to meet the needs of one or more specific groups
C) to reduce the market down to a specific size that the firm can handle
D) to divide the market into equal size and profit regions for sales territories

Question

Quizplus · Accepted Answer

The purpose of market segmentation is to enable the marketer to tailor marketing mixes to meet the needs of one or more specific groups. By dividing the market into smaller segments based on similar characteristics such as demographics, psychographics, geography, or behavior, marketers are better able to understand and cater to the unique needs of each segment. This can lead to increased customer satisfaction, retention, and profitability for the company.

What Is the Purpose of Market Segmentation