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What does 'customer segmentation' involve?

Practice Questions

Q1
What does 'customer segmentation' involve?
  1. Dividing a market into distinct groups of buyers
  2. Combining all customers into one group
  3. Eliminating less profitable customers
  4. Increasing prices for all customers

Questions & Step-by-Step Solutions

What does 'customer segmentation' involve?
  • Step 1: Understand that customer segmentation is about grouping people based on similarities.
  • Step 2: Identify different characteristics that can be used for grouping, such as age, gender, income, or buying behavior.
  • Step 3: Collect data about your customers to see how they differ from each other.
  • Step 4: Analyze the data to find patterns and create distinct groups of customers.
  • Step 5: Use these groups to tailor marketing strategies and products to meet the specific needs of each segment.
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