The breaking down of a market into separate and identifiable elements each with its own special product requirement is known as market
Answer Details
The breaking down of a market into separate and identifiable elements, each with its own special product requirement is known as market segmentation. Market segmentation is the process of dividing a larger market into smaller groups of consumers with similar needs and characteristics. By doing so, companies can tailor their marketing strategies and product offerings to better meet the specific needs and preferences of each segment, which can lead to increased customer satisfaction and loyalty, and ultimately, higher profits.