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22 July, 14:14

A company that manufactures wooden planks for construction has categorized its customers on the basis of their product requirements into three groups: construction companies, wholesalers, and government institutions. Which marketing strategy is best illustrated in this scenario?

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  1. 22 July, 17:06
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    Market segmentation

    Explanation:

    Market segmentation involves dividing customers into smaller groups based on shared traits. The groups or segments are composed of customers likely to respond to marketing messages in similar ways. Marketers create segments based on customer characteristics such as similar interests, needs, age, gender, preferences, and social status.

    Market segmentation enables a business to target a specific group of customers with customized messages. Marketers can offer particular products that suit a certain segment, thereby increasing the sales conversation rate. Market segmentation increases efficiency in the use of marketing resources by targeting customers on an individual level.
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