2:1 Market segmentation

Question 1

Market Segmentation

Answer 1

Is dividing the total market for a product or service into different groups that have similar characteristics, wants and desires

Question 2

Identify how markets are commonly segmented

Answer 2

Age, gender, race, region, socio-economic class

Question 3

What is qualitative data?

Answer 3

It’s about finding out not just what people think but why they think it. It’s about getting people to talk about their opinions so you can understand. e.g. consumer panels, observations.

Question 4

What is quantitative data?

Answer 4

Asking people for their opinions in a structured way so that you have facts and statistics to guide you. e.g. questionnaires