The Canadian National Bank is analyzing its customer data to determine if groups other than simply consumer and business customers can be identified. It is looking at the frequency of branch visits, use of ATMs, online banking activity, loan activity, and account balances for each customer. The bank has identified three groups of customers based on these factors and is considering offering different products to better meet the needs of each group. What marketing concept do these different groups of customers represent?
A) target marketing
B) market segmentation
C) marketing audit
D) environmental scanning

Question

Quizplus · Accepted Answer

The identification of different groups of customers based on specific factors such as frequency of branch visits, use of ATMs, online banking activity, loan activity, and account balances is an example of market segmentation. This involves dividing the market into subsets of customers who have similar needs and characteristics, with the goal of creating targeted marketing strategies and products that better meet the needs of each segment.

The Canadian National Bank Is Analyzing Its Customer Data to Determine