- 1 Marks
Question
Aggregating prospective buyers into groups is called:
A. Market categorisation
B. Market mix
C. Market segmentation
D. Market modelling
E. BCG matrix analysis
Answer
Answer: C. Market segmentation
Explanation:
Market segmentation is the process of dividing a broader market into smaller, identifiable groups of consumers with similar needs or characteristics. This allows businesses to tailor their marketing strategies effectively to meet the specific needs of different segments.
- Tags: Consumer Behavior, Market Analysis, Market Segmentation, Marketing Strategy
- Level: Level 1
- Topic: The Business Environment
- Series: MAY 2015
- Uploader: Kwame Aikins