Multiple choice

Dividing the total consumer market into smaller groups of potential customers is known as

  1. division of labor.

  2. market segmentation.

  3. loyalty response.

  4. mass marketing.

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Market segmentation is the process of dividing a broad consumer market into sub-groups of consumers based on shared characteristics. This allows companies to tailor their marketing strategies to specific needs.