1.2.3 Market Segmentation

Question 1

Market Segmentation

Answer 1

Process of splitting a businesses target market into different groups making it easier for a business to target a product at someone

Question 2

Ways to market segment

Answer 2

Location
Demographics - Age, Gender, Race, Religion, Nationality, Disability, Ethnicity, sexual orientation and occupation
Behaviour - eg. Purchases at different times of years
Lifestyle - eg. hobbird
Income

Question 3

Market Mapping

Answer 3

Process of using a graph to plot competitors and their products to understand competitor behaviour and spot a gap in the market. Also allows to see competition and what other products or services are available in a sector