______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes

The process you are referring to is called market segmentation. Market segmentation involves dividing a broad product-market into smaller, more homogeneous segments based on shared characteristics such as demographics, beliefs, behaviors, or needs. This allows companies to better understand and target specific groups of customers with tailored marketing strategies.

To carry out market segmentation, companies typically follow these steps:

1. Identify broad product-markets: Start by identifying the overall market in which your product or service operates. This could be a general industry or category.

2. Segmenting the market: Once the broad product-market is identified, segment it into smaller groups based on relevant criteria. This could involve analyzing demographic data such as age, gender, income, or geographic location. Psychographic factors like values, interests, or lifestyle can also be considered.

3. Selecting target markets: After segmenting the market, evaluate each segment's attractiveness and choose the ones that align with your business objectives and have the potential for profitability. These selected segments will become your target markets.

4. Developing marketing mixes: Finally, develop marketing strategies and tactics that are specifically tailored to each target market. This includes creating product, price, promotion, and distribution strategies that appeal to the unique needs and preferences of each segment.

By following this process, companies can focus their resources and efforts on specific target markets, resulting in more effective and efficient marketing strategies.