Which of the following refers to identifying distinct groups of consumers whose needs, wants, and purchasing behavior differ from others in important ways?
A)Market penetration
B)Market development
C)Market segmentation
D)Product development
E)Diversification

Question

Quizplus · Accepted Answer

Market segmentation refers to identifying distinct groups of consumers whose needs, wants, and purchasing behavior differ from others in important ways. Markets can be segmented in numerous ways: by geography, demography (e.g., gender, age, income, race, education level), sociocultural factors (e.g., social class, values, religion, lifestyle choices), and psychological factors (e.g., personality).

Which of the Following Refers to Identifying Distinct Groups of Consumers