_____ is defined as identifying groups of consumers based on their common needs.
A) Market segmentation
B) Market targeting
C) Market positioning
D) Socioeconomic segmentation
E) None of the above

Question

Quizplus · Accepted Answer

Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs, preferences or characteristics. This allows businesses to tailor their marketing efforts and product offerings to better meet the specific needs of each segment. Market targeting involves selecting which segments to focus on and develop marketing strategies for, while market positioning involves creating a distinct image and identity for the brand in the minds of the target market. Socioeconomic segmentation is a type of market segmentation that divides consumers based on their income, occupation, education level, or other socioeconomic factors.

_____ Is Defined as Identifying Groups of Consumers Based on Their