MANAGEMENT

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: -Which of the following is true of market segmentation? It helps firms design specific marketing strategies suited for specific market segments.

Detailed explanation-3: -A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.

Detailed explanation-4: -The purpose of market segmentation is to group customers with similar attributes together so that businesses and brands can understand their wants, needs, and behaviors so that they can ultimately market to the segments that make the most profit.

Detailed explanation-5: -Segmentation variables are the characteristics of individuals, groups, or organizations used to segment a total market.