Master the Art of Market Segmentation
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Questions and Answers

Which of the following best defines market segmentation?

  • The process of dividing a market into smaller groups with different products
  • The process of dividing a market into larger groups with different products
  • The process of dividing a market into smaller groups with similar needs (correct)
  • The process of dividing a market into larger groups with similar needs

    • Why do businesses make different versions of their products?

  • To increase production costs
  • To better suit the needs of different customer groups (correct)
  • To confuse customers
  • To meet the needs of all customers with a single product

    • How does market segmentation help businesses?

  • By adapting their products to better suit the needs of specific customer groups (correct)
  • By making their products more expensive
  • By reducing the number of customers
  • By increasing their production costs

    • How does the car industry segment the market?

    <p>By the size of the car</p> Signup and view all the answers

    How many different segments does the Society of Motor Manufacturers and Traders (SMMT) identify in the car industry?

    <p>9</p> Signup and view all the answers

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