Topic 10-Market Segmentation

Question 1

Market segmentation

Answer 1

This involves dividing the market up into groups of people with the same or similar characteristics and then which segment to target. Markets can be segmented by age,gender,socio economic group

Question 2

Market segmentation will commonly occur with reference to

Answer 2

• Age
• Gender
• Ethnic/Cultural Background
• Geography
• Socio-Economic class(income)

Question 3

The benefits of Market Segmentation

Answer 3

• Get to know your customers better therefore exceeds customers expectations
• Able to target your promotional budget more efficiently therefore less money wasted
• Create a marketing mix to satisfy each market segment therefore you are more likely to gain more customers