ENTREPRENEURIAL PLANNING
MARKETING PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Breaking down a market into smaller groups based on shared characteristics
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Selling products to multiple countries
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Offering discounts to certain customers
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Focusing on a single target market
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Detailed explanation-1: -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. Knowing your market segmentation will help you target your product, sales, and marketing methods.
Detailed explanation-2: -Market segmentation is the process of dividing a broad population into subgroups according to certain shared factors. These groups may have common demographics (age, gender, etc.), geographic location, attitudes, behaviors, or a combination of similar characteristics.
Detailed explanation-3: -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-4: -Demographic, psychographic, geographic, and behavioral are the four pillars of market segmentation, but consider using these four extra types to enhance your marketing efforts.