MANAGEMENT

Detailed explanation-1: -There are four key types of market segmentation that you should be aware of, which include demographic, geographic, psychographic, and behavioral segmentations. It’s important to understand what these four segmentations are if you want your company to garner lasting success.

Detailed explanation-2: -Market segmentation refers to subdividing a larger market into smaller submarkets. Philip Kotler defines, “Market segmentation is a process of identifying groups of buyers with different desires or requirements."

Detailed explanation-3: -Answer and Explanation: The correct answer is C. Competitive position. A competitive position is not an evaluation criteria when considering market segmentation, although improving a company’s competitive position is an expected outcome and reason for considering segmenting customers into groups.

Detailed explanation-4: -Common characteristics of a market segment include interests, lifestyle, age, gender, etc. Common examples of market segmentation include geographic, demographic, psychographic, and behavioral.