Question

The process of market segmentation involves

a. identifying small target markets and expanding htem into brad product markts
b. identifying broad product markets and segmenting them into narrower target markets
c. identifying target gorups with the fewest potentila customers
d. selecting a marketing mix to reach everyone
e. identifying target mrkets based on con gender alone

Answer 1

Market segmentation involves identifying broad product markets and segmenting them into narrower target markets based on specific characteristics. This helps companies understand and cater to the unique needs of different target markets.

Step-by-step explanation:

Market segmentation is the process of identifying broad product markets and segmenting them into narrower target markets. This involves dividing the overall market into smaller groups or segments based on specific characteristics such as demographics, behavior, or psychographics.

By doing so, companies can better understand and cater to the unique needs and preferences of different target markets. For example, a company may identify a segment of environmentally conscious consumers and develop a marketing strategy specifically tailored to appeal to this group.