Final answer:
Market segmentation involves dividing the total market into groups with similar characteristics to tailor marketing strategies effectively.
Explanation:
Market segmentation is the term that refers to the process of dividing the total market into several groups with similar characteristics. This strategy allows businesses to target specific customer segments effectively by tailoring their marketing efforts to meet the unique needs and preferences of each group. For example, a company may segment the market based on demographic factors like age, gender, or income levels, creating products and marketing messages specifically designed for each segment.
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