Question

Market segmentation refers to:Group of answer choicesthe belief that it is possible to satisfy every customer’s needs if you can identify the correct segment within which they belong.sorting prospective buyers into groups that are willing to pay more than the cost of production for a good or service.the philosophy that to do a truly excellent job of marketing, a company should concentrate on only one customer segment at a time.disaggregating prospective buyers from groups into segments of one (individuals) and then creating specific products that will satisfy this person’s unique needs.aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.

Answer 1

E) Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing decision.

Step-by-step explanation:

Market segmentation is the process of dividing a broad target market which is made up of existing and potential customers, into subgroups of consumers also called segments. When segmenting markets, characteristics such as needs, interests and lifestyle are checked to find the most shared amongst the targets. The objective of segmentation is to identify the high yielding segments, meaning the most profitable amongst segments and the one called the high yielding segments become the target market.

There are different ways of segmentation:- a) Business-to- Business vendors(B2B), segment the market into types of businesses while b) Business-to-Customers vendors(B2C), segment the market into lifestyle segment, behavioural segments and other segments based on needs and interests.

Answer 2

Answer: The answer is: aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.

Option E.

Explanation: Market segmentation is the process of dividing a broad consumer base or business market, that often consists of both existing customers and potential customers, into sub-groups of consumers who share a similar need or characteristic, and will respond similarly to a marketing strategies.

The importance of market segmentation is that it ensures that a firm/company will precisely reach a consumer with specific needs and wants.