market segmentation Flashcards
what is matching needs?
Making products that customers want/need. This means they will be more likely to buy the product.
Customer retention
meeting customer needs will mean they will be attracted to the company and will become loyal/recommend products
Targeted marketing
Having a target market means that it will be easier to carry out research on a specific area of customer . makes it more targeted.
increased profits
if you promote the product well to the right group of people, then profits will increase as it is being bought more.
market share
Targeting a specific customer better than others will mean that they will gain a larger market share than competitor.
Age
People at different ages will buy different things
Gender
some products can be aimed towards a certain gender more
occupation
some jobs rely on their employees buying certain products. e.g. teacher/stationary or builder/tools
income
people with higher income will spend more on luxuries than people with a lower income
lifestyle
people will buy things that they are interested in, like sports items if you play sports.
location
general factors such as living in a warmer country in comparison to a colder one will need different clothing.
