Which of the following is a definition of market segmentation?
A)It refers to identifying distinct groups of customers whose needs,wants,and purchasing behavior differ from others.
B)It refers to developing existing market segments and increasing market share within those segments.
C)It refers to identifying the need for new products in existing markets and developing products for those markets.
D)It refers to identifying new markets that can buy existing products.
E)It refers to identifying the needs of a new market and developing new products for that market.

Question

Quizplus · Accepted Answer

Market segmentation is the process of identifying specific groups of customers who have unique needs, wants, and purchasing behaviors. By segmenting the market, companies can develop targeted marketing strategies and tailor their products and services to meet the specific needs of each segment. Option A is the only choice that describes this definition accurately.

Which of the Following Is a Definition of Market Segmentation