Question

To succeed in today's competitive marketplace, companies need to be customer centered. Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves:

Answer 1

Answer:

market segmentation,

Market targeting, differentiation

Explanation:

It should be noted that To succeed in today's competitive marketplace, companies need to be customer centered. Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments in a process involving market segmentation,Market targeting, differentiation.

Differentiation in marketing can be regarded as the creation of specialized products which is able to have competitive advantage along with a section of the market.

Market segmentation can be regarded as process involving division of heterogeneous market to relatively more homogenous segments according to particular parameters such as geographic, psychographic as well as demographic.

Market targeting can be regarded as

process involving selection of target market from the whole market. It

encompass groups of buyers that the company is striving to satisfy and set price for.