GENERAL KNOWLEDGE

Detailed explanation-1: -Sometimes segments appear small only because the clustering was done too finely. It is easier to identify, obtain information on, and woo customers who are currently using a competitor’s brand or who aren’t even purchasers in the category.

Detailed explanation-2: -Market segmentation involves dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

Detailed explanation-3: -Ultimately, a firm should consider profits to determine whether to segment or combine. Purchasing methods, type of buying situation, and type of customer are all dimensions used to segment a(n) business market.

Detailed explanation-4: -Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.

Detailed explanation-5: -Identifiable (or differentiable). Accessible. Substantial: large enough to allow companies to make profits; Measurable: companies must be able to understand their market share and positioning as well as the segment size and purchasing power. 15-Oct-2021