Dividing the market for a product according to potential buyers who have common characteristics is?

Assessment: WAEC SSCE - Commerce - 2015 (Objective) Subject: Commerce

Question 1 Report

Dividing the market for a product according to potential buyers who have common characteristics is?

Answer Details
Market segmentation refers to the process of dividing a larger market into smaller groups of consumers who share similar needs, interests, behaviors, or demographics. This allows businesses to create more targeted marketing strategies and tailor their products or services to specific segments of the market. By understanding the unique characteristics and preferences of each segment, businesses can better meet the needs of their customers and ultimately improve their sales and profitability. Therefore, the correct answer to the question is "market segmentation".
Read lesson note on Elements Of Marketing (JAMB)
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