Which term refers to dividing a market into smaller groups based on similar characteristics and needs?Responses
Question
Solution 1
The term that refers to dividing a market into smaller groups based on similar characteristics and needs is called "Market Segmentation".
Here are the steps to understand it:
- Identification: The first step in market segmentation is identifying the overall market that the company wants to targe Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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Similar Questions
Which term refers to dividing a market into smaller groups based on similar characteristics and needs?Responses
The process of dividing the total market into groups whose members have similar characteristics is market .
True or false? Patients in clinical trials are sorted into groups based on similar characteristics.
Dividing the market based on specific features of the product preferred by your target market, such as flavor, is segmentation.
Market involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action.