BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The action or activity of gathering information about consumers’ needs and preferences.
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The splitting of the market for product or service into different parts, or segments.
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Detailed explanation-1: -Market segmentation is a process companies use to break their potential customers into different sections. This allows the company to allocate the appropriate resource to each individual segment which allows for more accurate targeting across a variety of marketing campaigns. PubsOnline.
Detailed explanation-2: -Market segmentation is the dividing of a firm’s target market into groups and subgroups. By segmenting the market the firm may then tailor sales campaigns and marketing strategy so as to be specifically aimed at the identified groupings.
Detailed explanation-3: -It is the process of dividing the target market into smaller groups. These segments enable companies to get a better understanding of their target audience. They can be segmented on similar characteristics such as interests, needs, location, demographics, priorities, and personality traits.
Detailed explanation-4: -Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types. Here are several more methods you may want to look into.
Detailed explanation-5: -Product differentiation refers to the basic need to have product-related qualities that set your brand apart from the competition. Market segmentation is the breakdown of a large target audience into smaller, more homogenous groups of customers.