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level: Market Segmentation

Questions and Answers List

level questions: Market Segmentation

QuestionAnswer
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