Final answer:
Market segmentation is the process of dividing the market into smaller homogeneous groups, and this is indeed true. It enables businesses to target customer groups more precisely and effectively.
Step-by-step explanation:
The process of dividing the market into smaller homogeneous groups is called market segmentation, and the statement is true. By segmenting the market, businesses can target specific groups of consumers with tailored products or services that better meet their needs and preferences, thus improving marketing efficiency and effectiveness. Market segmentation helps businesses to focus on their resources on the most profitable segments, develop more effective marketing campaigns, and identify opportunities for growth and product development.
Yes, the statement is true. The process of dividing the market into smaller homogeneous groups is called market segmentation. Market segmentation involves dividing a large market into smaller groups based on common characteristics such as demographics, psychographics, geographic location, or buying behavior. By targeting specific segments, businesses can tailor their marketing strategies and products to better meet the needs and preferences of their target customers, leading to increased sales and customer satisfaction.