| Market Segmentation | The process of subdividing a market into distinct groups of customers with similar needs, such that a subset of the market (a segment) can be selected as a target market and can be reached with a distinct marketing mix. One way to check the legitimacy of a market segment is to ask whether the customers in that segment are homogeneous and self-referencing (i.e., do they “talk to each other,” read the same publications, attend the same conferences, belong to the same professional associations, shop in the same places, etc.?); self-referencing groups of customers should be relatively. |
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