What is market segmentation? List the four fundamental factors marketers use to identify market segments
What will be an ideal response?
Answer: Market segmentation refers to the division of a diverse market into smaller, relatively homogeneous groups with similar needs, wants, and purchase behaviors. The overall goal of market segmentation is to understand why and how certain customers buy what they buy so that you use your finite resources to create and market products in the most efficient manner possible. Four fundamental factors marketers use to identify market segments are demographics, psychographics, geography, and behavior.
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