Question

Classification of customers into various market segments having common features is known as

Answer 1

Classification of customers into various market segments having common features is known as market prospecting.

This is done in order create subgroup to study and evaluate their needs and market spending behaviours to shape the product according to their desire in order to earn profit out of those market segments .

This is a very useful technique because a product is only successful as far its being sold.

I hope it helped.

Thanks for asking.

Answer 2

Classification of customers into various market segments having common features is known as segmentation.

These segments which are created are basically are composition of consumers.According to marketing strategies consumers will respond.

This is generally a process of  dividing a broad consumer and also business market and then further divided into sub groups of the consumers.