QUESTION 29 Which of the following is a definition of market segmentation?

QUESTION 29

 Which of the following is a definition of market segmentation?

1. It refers to identifying distinct groups of customers whose needs, wants, and purchasing behavior differ from others.
2. It refers to developing existing market segments and increasing market share within those segments.
3. It refers to identifying the need for new products in existing markets and developing products for those markets.
4. It refers to identifying new markets that can buy existing products.