Final answer:
Segmentation and Customization are approaches that recognize differences between target markets using individual marketing mixes, with segmentation dividing the market and customizing to meet individual needs, both relying on product differentiation to make products distinct.
Step-by-step explanation:
the approaches recognizing differences between target markets by using individual marketing mixes are c) Segmentation and d) Customization.
Segmentation involves dividing the market into distinct groups of consumers with similar needs or characteristics. Marketers then tailor distinct marketing mixes to meet the specific needs of each segment. Customization, on the other hand, entails altering a product or service to meet the individual needs or preferences of a customer. This often results in a unique product or marketing strategy for each customer.
Product differentiation is key in both approaches and includes varying the physical aspects of the product, the location from which it is sold, its intangible aspects, and influencing customer perceptions to create a distinctive offering. This strategy aims to make consumers perceive a product as different and preferable over competitors'. Niche marketing might also be a correct answer if it refers to serving a specialized segment of the market with a tailored marketing mix.