Answer: Market segmentation
Step-by-step explanation:
Market segmentation involves dividing people based on their consumption behavior and grouping those with similar consumption behavior together . Market segmentation helps to boost sales , increase profit and enables the business attend to the customers in a better way .
Answer: It is referred to as Market segmentation
Step-by-step explanation:
Market segmentation is the act of dividing a target market into smaller, more defined categories. This will help the prospective buyers to be grouped in accordance to their needs. It segments customer or buyers into groups that share similar characteristics such as demographics, interests, needs, or location
It also determines how an organization divides its customers or cohort into smaller groups based on characteristics such as, age, income, personality traits or behavior. These segments can later be used to optimize products and advertising to different customers.
