Market Segmentation Flashcards
0
Q
Demographic segmentation
A
About the population
1
Q
Market segmentation
A
the process of splitting a market into distinct groups of buyers by identifying similar characteristics of a group of customers in order to better suit their needs
2
Q
Geographic segmentation
A
Location and physical environment
3
Q
Psychographic segmentation
A
Lifestyle and personality
4
Q
Behavioural segmentation
A
Divides customers into groups based on the way they respond to, use or know of a product and groups customers in terms of benefits, occasion, usage
5
Q
Benefits of market segmenting
A
–Understand customers –Improve marketing strategies •Cost effective –Increase sales –Growth opportunities •Gaps (bloke coke) –Differentiation •Spread risk
6
Q
Disadvantages of market segmentation
A
–Misread market –Time & expense of research –Limit market •Niche or mass –Inflexible
