The process of dividing all potential consumers into
smaller groups of buyers with distinct needs, characteristics, or
behaviors, who might require a similar product or service mix, is
called

(b) The requirement is to define the process of dividing
all potential consumers into smaller groups of buyers with distinct
needs, characteristics, or behaviors. Answer (b) is correct
because this describes market segmentation. Answer (a) is incorrect
because strategic planning involves deciding on the appropriate
strategic initiatives for a period. Answer (c) is incorrect
because product positioning involves deciding on a strategy for a
particular product. Answer (d) is incorrect because objective
setting involves establishing short-term goals.