Question

____ is the dividing of a heterogeneous consumer population into smaller, more homogeneous groups based on their characteristics?

1) Target marketing
2) Customer satisfaction
3) Market segmentation
4) Customer services
5) Operations management

Answer 1

Market segmentation is the process of dividing consumers into smaller, homogeneous groups based on characteristics, which helps businesses tailor their marketing efforts effectively.

Step-by-step explanation:

The process of dividing a heterogeneous consumer population into smaller, more homogeneous groups based on their characteristics is known as market segmentation. This strategy helps businesses tailor their marketing efforts to specific segments, increasing efficiency and effectiveness. For example, in the scenario where a marketing manager is gathering information on the ages of customers for an electronics chain, they might utilize this data for market segmentation, customizing their promotions and product offerings to align with the preferences of different age groups. Similarly, when the librarian records whether books are checked out by an adult or a child, they may use this data to segment their users and tailor services accordingly.