Question

Market definition is the process of subdividing heterogenous consumer or organizational markets into more homogeneous submarkets in which members share common consumption, demographic, psychographic, and attitudinal characteristics.

Answer 1

The statement is: False.

Step-by-step explanation:

Market segmentation is the activity by which companies classify their existing and target consumers by features such as age, gender, income, location, preferences, and behavior. By dividing their markets into more homogeneous units, companies have more opportunities to provide final users with a tailored product that best matches their needs.