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Asked by Emily Schreurs on Jul 03, 2024

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What is the primary purpose of market segmentation? What characteristics should segments possess for a firm to make a profit?

Market Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors that might require separate products or marketing strategies.

Segments Possess

Refers to the characteristics or attributes that define different market or consumer segments within a broader market, allowing companies to tailor their offerings more precisely.

  • Comprehend the purpose and essential criteria of effective market segmentation, including profitability.
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JB
jacob belcherJul 05, 2024
Final Answer :
The overall objective of market segmentation is to tailor products and services (and the overall marketing program)to the needs of the individual segments.To do that profitably,all identified segments should possess specific characteristics.Segments should be internally homogeneous,externally heterogeneous,be accessible,be measurable,be substantial,and be actionable.

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