Market Segmentation Flashcards
1
Q
What is it?
A
Process of splitting a business target market into different groups
2
Q
List the types of segmentation
A
- geographical
- demographic
- income segmentation
- psychological
- lifestyle
3
Q
Geographical
A
Based on where people live e.g people living in Lake District may be more interested in buying hiking boots
4
Q
Demographic
A
Considers the characteristic of people, including age, gender, race, religion etc
5
Q
Psychological
A
How people behave in relation to purchases at different times of the year and different situations e.g Christmas
6
Q
Lifestyle
A
What sorts of lives the people in the target market lead e.g hobbies and interest
7
Q
Income segmentation
A
Considers the disposable incomes of target market
