Market segmentation:
A) means the same thing as marketing strategy planning.
B) assumes that most submarkets can be satisfied by the same marketing mix.
C) is the same thing as positioning.
D) tries to identify homogeneous submarkets within a product-market.
E) All of the above are true.

Question

Quizplus · Accepted Answer

Market segmentation is the process of dividing a larger market into smaller groups of consumers who have similar needs and characteristics. The goal of segmentation is to identify homogeneous submarkets within a product-market, meaning groups of consumers who are similar enough that they will respond similarly to a given marketing mix. Marketing strategy planning refers to the development of an overall approach to marketing a product or service, but it is not the same as segmentation. Segmentation also does not assume that most submarkets can be satisfied by the same marketing mix, as the goal is to tailor the marketing mix to the specific needs of each submarket. Positioning is the process of creating a distinct image or identity for a product or brand in the minds of consumers, and while it may be related to segmentation, the two concepts are not identical.

Market Segmentation