Final answer:
Market segmentation is the process of identifying and evaluating various layers of a market to target segments effectively. It helps in tailoring marketing efforts to the unique preferences of different consumer groups within the market structure. It is essentially the c. process of identifying and evaluating various layers of a market.
Step-by-step explanation:
Market segmentation refers to the process of identifying and evaluating various layers of a market to understand how to best target different segments with products or services. It is essentially the c. process of identifying and evaluating various layers of a market.
Segmentation allows firms to tailor their marketing efforts to specific groups within the broader market, ensuring that they meet the distinct needs and preferences of different consumer bases, thus honing in on their competitive strategy within the market structure. Factors like production, cost conditions, and market structure affect the competitive environment an industry faces, which can be mitigated through effective market segmentation strategies.