Market Segmentstion Flashcards
1
Q
What is market segmentation
A
Process of breaking down the market into categories
2
Q
What is a target market
A
Breakdown of the market into different groups of customers with similar needs
3
Q
Examples of market segmentation
A
Age, lifestyle, income, religion, gender, occupation, geographical
4
Q
Advantages of market segmentation
A
Easier to sell products
Serves needs of customers
Improve competitive position
5
Q
Disadvantages of market segmentation
A
Cost might be high
Customers could change their minds on their segment
