Lesson 3:2

Question 1

Market Segmentation

Answer 1

Dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviours who might require separate products or marketing mixes.

Question 2

The methods used to identify consumer target markets

Answer 2

There are a number of methods that can assist businesses in defining their target market(s). Primary research methods include consumer surveys, pricing trials, personal interviews, focus groups, etc. Secondary data provided by governmental agencies, consulting firms, etc.