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Market Segmentation

market segmentation process of dividing a total market into several relatively homogeneous groups.

As a firm begins to develop a picture of its customers' needs, companies will often attempt to form their customers into groups called market segments. This is an important process, as companies can be much more efficient with their product design, production process, and promotional activities if they are targeting similar customers. Simply put, market segmentation is the process of dividing a market into homogeneous groups by isolating the traits that distinguish a certain grou...

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Cover of Essentials of Contemporary Business

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Market Segmentation (This can be Updated)