Market Segmentation

Question 1

What is the def of Market Segmentation?

Answer 1

Breaking down markets into sub groups with groups that share similar characteristics

Question 2

What are the demographic methods of Market Segmentation?

Answer 2

Gender
Age
Socio economic groups/social class

Question 3

What are the geographical methods of Market Segmentation

Answer 3

Regions of the country

Question 4

What are the psychographic methods of Market Segmentation?

Answer 4

Personality
Lifestyle
Culture
Political voting preferences

Question 5

What are the benefits of Market Segmentation for the customer?

Answer 5

Receive a product that is closer to their expectations
Help them stick to their principles
Fit in their budget and lifestyle
Superior to the competition
Make them feel like they are getting value for money
Customer is more aware of product as advertising is targeted

Question 6

What are the benefits of Market Segmentation for the customer?

Answer 6

Gain greater knowledge of the market
Identify requirements/needs of the market
Target their advertising