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Market segmentation
Demographic – Age, gender, income, education Geographic – Location, climate, region Psychographic – Lifestyle, values, personality Behavioral – Buying habits, usage, loyalty Firmographic (B2B) – Industry, company size, revenue
gender segmentation, age segmentation, geographic segmentation..
what is the advanteges and dis advanteges of market segmentation?
As segmentation means dividing up you target market for best results the company will impress the various uses of each machine to the specific needs of each group.
Market Segmentation is important because without it the business will not find the correct target audience
Market research helps you "identify" your market. Segmentation lets you "segment" your identified market into more refined groups. In short market research is more broad and segmentation is more refined.
Companies navigate market segmentation by conducting thorough market research to identify distinct customer segments, selecting relevant criteria for segmentation, and tailoring marketing strategies to meet the specific needs of each segment. This process enables companies to optimize resource allocation, enhance customer satisfaction, and gain a competitive edge by offering targeted products and services to different customer groups. Through continuous monitoring and adaptation, companies ensure that their segmentation strategies remain effective in dynamically evolving markets.
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Market Segmentation is when a company split customers in a similar characteristics and needs. Companies also aim at a special age, gender, demographics or lifestyle. Such as nike is aimed at women, men and children's and also for sports player.
The lifestyle center malls and the fashion malls are the type of specific malls that use market segmentation. The outlet center malls also use market segmentation.