ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Define what is meant by the term ‘market segmentation’
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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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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Market segmentation is a marketing strategy that uses well-defined criteria to divide a brand’s total addressable market share into smaller groups. Each group, or segment, shares common characteristics that enable the brand to create focused and targeted products, offers and experiences.
Detailed explanation-2: -Geographic Segmentation Geographic segmentation, splitting up your market based on their location, is a basic but highly useful segmentation strategy.
Detailed explanation-3: -Market segmentation is a process that consists of sectioning the target market into smaller groups that share similar characteristics, such as age, income, personality traits, behavior, interests, needs, or location.
There is 1 question to complete.