BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Demographics, Age, Gender.
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An identifiable group of individuals (or part of a market) where consumers share one (or more) characteristic or need
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An identifiable group of individuals (or part of a market) where consumers share no characteristics or needs
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An identifiable group of businesses where consumers share no characteristics or needs
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Detailed explanation-1: -A market segment is a group of people who share one or more similar characteristics. Corporations and marketing teams use various criteria to develop target markets for their products and services.
Detailed explanation-2: -Definition: Segmentation means to divide the marketplace into parts, or segments, which are definable, accessible, actionable, and profitable and have a growth potential. In other words, a company would find it impossible to target the entire market, because of time, cost and effort restrictions.
Detailed explanation-3: -Segmentation is the process of dividing a company’s target market into groups of potential customers with similar needs and behaviours. Doing so helps the company sell to each customer group using distinct strategies tailored to their needs.
Detailed explanation-4: -1) Identifiable. You should be able to identify customers in each segment and measure their characteristics, like demographics or usage behavior.
Detailed explanation-5: -Behavioral segmentation refers to a process in marketing which divides customers into segments depending on their behavior patterns when interacting with a particular business or website.