The process of dividing the market into groups of customers with different needs, wants, or characteristics is called?

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25-08-2022
Business

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The process of dividing the market into groups of customers with different needs, wants, or characteristics is called?

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AmitPaswan AmitPaswan · Answer 1 · 2022-08-29T13:49:46+02:00

The process of dividing the market into groups of customers with different needs, wants, or characteristics is called market segmentation.

Market segmentation refers to the process of dividing a market of probable customers into segments or groups, based on various characteristics. The segments generated are made up of customers who will respond likewise to marketing policies and who share features such as alike needs, interests,or locations.

By laying out the company's target market into segmented groups, besides targeting each possible customer individually, marketers can save their time, money, and other resources rather than if they target customer on an individual level. Segmenting alike customer altogether makes marketers to aim at a particular audiences in a cost effective manner.

To learn more about market segmentation here

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