The process of identifying customer segments that a company wants to target with its products and services requires market research.

Question

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Market research is an important tool for identifying customer segments and understanding their needs, preferences, and behavior. It involves collecting and analyzing data on various aspects of the market, such as customer demographics, psychographics, buying habits, and trends. This information can then be used to develop targeted marketing strategies that resonate with specific customer segments and drive sales. Without market research, companies may struggle to identify their ideal customers and miss out on opportunities to grow their business.

The Process of Identifying Customer Segments That a Company Wants