Which of the following best explains market segmentation? Select one: a. differentiating an organization or its products relative to the competition b. dividing a market into several smaller groups of buyers with similar characteristics c. selecting certain market segments for marketing emphasis d. attempting to reach most or nearly all consumers with the same marketing approach e. creating a marketing strategy with the same message to all segments

b. dividing a market into several smaller groups of buyers with similar characteristics

Explanation:

The aim of market segmentation is to increase the revenue a seller earns.

For example, if a seller segments buyers based on their price elasticity, the seller can charge a higher price to the group with the less elastic demand and a lower price for those with a more elastic demand.

Also, if a seller segments buyers based on their willingness to pay, the seller can charge higher for the group with a higher willingness to pay and charge lower for the group with the lower willingness to pay. This is done with the aim of eliminating consumer surplus.

Segmentation is done to maximise profit of the seller.

Monopolies are usually able to practice segmentation more successfully.

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