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What is market segmentation?

What is market segmentation?
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Ans) Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.

The importance of market segmentation is that it allows a business to precisely reach a consumer with specific needs and wants.

- This benefits the company because they are able to use their corporate resources more effectively and make better strategic marketing decisions

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