Which term refers to dividing a market into smaller groups based on similar characteristics and needs?Responses
Question
Which term refers to dividing a market into smaller groups based on similar characteristics and needs?
Responses
Solution
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
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