Final answer:
The process of dividing the market into groups that have somewhat homogeneous needs for a product or service is called market segmentation.
Step-by-step explanation:
The process of dividing the market into groups that have somewhat homogeneous needs for a product or service is called market segmentation. Market segmentation involves identifying and targeting specific segments of the overall market that have similar needs, preferences, and characteristics.
For example, a clothing company might segment its market into different age groups, such as teenagers, young adults, and middle-aged adults, and then develop marketing strategies and products that cater to the preferences and needs of each segment.
By effectively segmenting the market, companies can tailor their marketing efforts and offerings to better meet the specific needs and preferences of different groups of consumers, increasing their chances of success in the market.