Geographic, demographic, psychographic, benefit, and volume are characteristics used to markets.

The missing word in your sentence is "segment". The complete sentence is: "Geographic, demographic, psychographic, benefit, and volume are characteristics used to segment markets."

Here's a step-by-step explanation:

1. Geographic segmentation: This involves segmenting the market based on location. The needs and wants of customers often vary by location, so businesses use geographic segmentation to cater to specific preferences and tastes of consumers in different regions, countries, cities, or neighborhoods.

2. Demographic segmentation: This is based on measurable statistics such as age, gender, income, education, and occupation. For example, a company selling luxury goods might target individuals with a high income level.

3. Psychographic segmentation: This involves dividing your market based upon consumer personality traits, values, attitudes, interests, and lifestyles. Companies use this to help them appeal to customers who are likely to identify with the image they want to project.

4. Benefit segmentation: This is the process of grouping consumers based on the benefits they seek from the product. For example, a company selling toothpaste may segment the market into those who are seeking cavity protection, those who want whiter teeth, and those who want fresh breath.

5. Volume segmentation: This involves dividing the market based on the volume of product use. Heavy, medium and light users are differentiated by the volume they consume, allowing the company to focus on heavy users to drive more sales.