Question

Market involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action.

Answer 1

Market segmentation involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action.

In the field of business, market segmentation can be described as a business strategy where the business owner focuses on making those products that target a particular audience.

Market segmentation involves understanding of the needs and products that will be required by a focused group of people. After evaluating their needs, the products are made in accordance to fit their needs.

By market segmentation, you tend to divide your focus to a certain group of customers or prospective buyers and design your product in accordance with their needs.

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