market segmentation

Question 1

what is market segmentation

Answer 1

Definition: Dividing a broad market into smaller groups based on shared characteristics (e.g., demographics, location, behavior).

Question 2

benefits of market segmentation

Answer 2

Benefits: Increases marketing efficiency, improves product offerings, and boosts customer satisfaction.

Question 3

purpose of market segmentation

Answer 3

Purpose: To target specific groups effectively and tailor marketing strategies to meet their unique needs.

Question 4

what needs are required for local target audience

Answer 4

Local businesses must be attuned to the
preferences and needs of their community.
Building Relationships: Personal connections and community involvement can
enhance customer loyalty.
Tailored Marketing: Localised marketing strategies can resonate more effectively with
this audience

Question 5

what needs are required for a national target audience

Answer 5

National campaigns may require more extensive
marketing efforts to reach diverse demographics.
Distribution Networks: Efficient logistics and distribution systems are essential to serve
customers across vast distances.
Brand Recognition: Establishing a strong national brand presence can help attract and
retain customers.

Question 6

what needs are required for a international target audience

Answer 6

• Cultural Preferences: Understanding and respecting cultural differences is vital for
  successful international marketing.
• Legal and Regulatory Requirements: Businesses must navigate various laws and
  regulations in different countries.
• Currency and Pricing: Adapting pricing strategies to accommodate different
  currencies and economic conditions is crucial.