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Off the rack, off the rack and tailor to fit, and custom-made are terms that apply to buying a suit or an __________ system.
Segmenting Markets
The process of dividing a target market into smaller, more defined categories based on characteristics such as demographics, needs, priorities, common interests, and other psychographic or behavioral criteria.
Global Segmentation
Segmentation that identifies a group of consumers with common needs and wants that spans the entire globe.
Market Segments
The groups of consumers who have shared characteristics and similar product needs.
VALS Framework
A psychographic tool that classifies consumers into eight categories based on their responses to a questionnaire, used for market segmentation.
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