Final answer:
Psychographic segmentation is the practice of dividing the market based on personality and/or lifestyles. It helps marketers target specific consumer segments with tailored strategies and products.
Step-by-step explanation:
Dividing the market on the basis of personality and/or lifestyles is referred to as psychographic segmentation.
Psychographic segmentation is a marketing technique that categorizes consumers based on their attitudes, beliefs, values, interests, and behaviors. It allows marketers to target specific consumer segments with tailored marketing strategies and products that align with their personalities and lifestyles.