20) The process of naming broad product-markets and then segmenting them in order to select target markets and develop suitable marketing mixes is called:
The process described in the question is known as market segmentation. Market segmentation refers to the process of dividing a broad product-market into smaller, more defined segments based on specific characteristics or criteria. This technique allows companies to better understand their target customers and develop tailored marketing strategies to meet their needs.
To answer this question, you can follow these steps:
1. Recall the definition of market segmentation, which is the process of dividing a broad product-market into smaller, more defined segments.
2. Identify the purpose of market segmentation, which is to select target markets and develop suitable marketing mixes.
3. Connect the process of dividing the product-market and selecting target markets with the broader concept of market segmentation.
By applying this context and logic, the answer to question 20 is "market segmentation."