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• What is geographic segmentation? Apart from region, city size and population density are their other factors affecting geographic segmentation. • What is demographic segmentation? • What is VALS study? • Who is an independent explorer or passive traditionalist? Which of them are more open to a new product in the market? • Do mature sensible segment of customers value for money and not brand? • What is socio cultural segmentation? Do people in the same social class have similar buying patterns?
At first I thought this was one single question, but now, I am dumbfounded. Well, so to start with I'd say that market segmentation is nothing but dividing a large group of people in smaller groups based on stuffs like kinship, commonalities or similarities. This will allow your company to concentrate your marketing energy on the specific needs of that smaller group and hence can have some competitor advantage there. There are different types of segmentation based on location, population, behavior etc, i.e different subsets are derived out of the various differentiations available. Market segmentation is a costly procedure and has to be updated from time to time, having said that the findings are short lived as well, my answer to some of your other questions would depend on the product/service as well the market you would intend the answers for. Thankyou.
Market segmentation is the technique used to enable a business to better target it products at the right customers. It is about identifying the specific needs and wants of customer groups and then using those insights into providing products and services which meet customer needs.
Market segmentation is the technique used to enable a business to better target it products at the right customers.
the answer can be simple and short
its a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities, and then designing and implementing strategies to target them.
hope it helps ! :)
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