market segmentation

Question 1

define market segmentation

Answer 1

segmentation is when people within a market are segmented into different markets. by segmenting the market it allows businesses to identify their target market

Question 2

what are the 4 types of market segmentation

Answer 2

age
income
location
gender

Question 3

explain age market segmentation

Answer 3

targeting products or services at a certain age group eg teen fashion market or over 55’s

Question 4

explain income market segmentation

Answer 4

how much disposable income a customer has will effect what they buy eg high income Rolex and artesian coffee and baked goods

Question 5

explain location

Answer 5

depending on the location of the product you are trying to sell depends on sales. eg pork scratchins are popular in the black country

Question 6

explain gender

Answer 6

products will be targeted at the two genders eg GQ magazine targeted at men and Cosmopolitan targets a female demographic