Marketing

Question 1

Explain market segment

Answer 1

It is an identifiable sub group of larger market in which consumers have similar characteristics and preferences

Question 2

Explain market segmentation

Answer 2

It is the process of dividing market of potential customers into group or segment based different characteristics

Question 3

Type of market segment

Answer 3

Socio economic group,age, location,gender,Lifestyle,use if product

Question 4

Advantage of market segment

Answer 4

(i)cost effective
(ii)lead to higher sales and profit
(iii)Increased opportunity