level: Market Segmentation
Questions and Answers List
level questions: Market Segmentation
| Question | Answer |
|---|---|
| What is Market Segmentation? | -Dividing up a Market into different parts that can Represent Different Customer Needs |
| How can the Segments differ? | -Customer Needs and Wants -How they Buy -Location of Customer -Knowledge and Experience of Customer |
| What are the Main Category of Market Segmentation | -Age -Gender -Income -Location -Lifestyle |
| Advantages of Market Segmentation? | -Can better fit the Product to Target the Customer Needs -Helps with New Product Development; Concentrated on the Needs of the Customer -The Business can Effectively Grow its Share in the Market/Segments -Helps with the Marketing Mix |
| Dis-advantages of Market Segmentation? | -This is an Imprecise Science. Data isn't always Available, Reliable or Updated -Even if there is a Gap, Can if reach its Customers? -Markets are packed with Surprises that quickly goes through; so are the Segments in the Market |