Market Segmentation Flashcards
1
Q
What is market segmentation ?
A
When potential customers are divided into different groups
2
Q
What are 4 different types of market segmentation ?
A
Gender, income, location, lifestyle
3
Q
Pro’s of market segmentation for a business ?
A
- meet customer needs better
- brand loyalty
- repeat customers
- price sensitive
4
Q
Con’s of market segmentation for a business ?
A
- higher costs
- product ranges can cause exploitation
