An organization adopts the concept when it takes steps to know a much about the consumer as possible, combined with a decision to base marketing, product, and strategy decisions on this information.

market segmentation

Explanation:

An organization adopts the market segmentation concept when it takes steps to know a much about the consumer as possible, combined with a decision to base marketing, product, and strategy decisions on this information.

Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.

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