Which of the following is based on the understanding that no single product is likely to appeal to all customers?
A) Market segmentation
B) Market positioning
C) Market placement
D) Market customization
E) Market planning

Question

Quizplus · Accepted Answer

Market segmentation is the process of dividing a market into distinct groups with different needs, characteristics, or behaviors. This strategy is based on the understanding that no single product can meet the needs of all customers, and that by tailoring products and marketing efforts to specific segments, companies can better satisfy customer needs and increase profitability. Market positioning, on the other hand, refers to the way a product is defined by consumers in relation to its competitors, while market customization refers to the creation of unique products or services tailored to the specific needs of individual customers. Market placement and market planning are not specific marketing strategies.

Which of the Following Is Based on the Understanding That