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HomeHomework HelpmarketingMarket Segmentation

Market Segmentation

Market segmentation is the process of dividing a market into distinct groups of consumers with similar characteristics, such as demographics, income, or spending habits. It involves using statistical learning tools, like cluster analysis, to identify and understand these groups for targeted marketing and business strategies.

beginner
2 hours
Marketing
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Overview

Market segmentation is a crucial marketing strategy that involves dividing a larger market into smaller, more manageable segments based on shared characteristics. This approach allows businesses to tailor their products and marketing efforts to meet the specific needs of different consumer groups, l...

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Key Terms

Demographic Segmentation
Dividing the market based on demographic factors like age, gender, income, and education.

Example: Targeting young adults aged 18-24 for a new tech gadget.

Psychographic Segmentation
Segmenting the market based on lifestyle, values, and personality traits.

Example: Marketing eco-friendly products to environmentally conscious consumers.

Geographic Segmentation
Dividing the market based on geographic location such as country, region, or city.

Example: Offering winter clothing in colder regions.

Behavioral Segmentation
Segmenting based on consumer behaviors, such as purchasing habits and brand loyalty.

Example: Targeting frequent buyers with loyalty discounts.

Target Market
A specific group of consumers identified as the intended audience for a product.

Example: Teenagers for a new fashion line.

Market Research
The process of gathering, analyzing, and interpreting information about a market.

Example: Conducting surveys to understand consumer preferences.

Related Topics

Consumer Behavior
Study of how individuals make decisions to spend their resources.
intermediate
Marketing Strategies
Techniques used to promote and sell products or services.
intermediate
Brand Positioning
Creating a distinct image of a product in the minds of consumers.
advanced

Key Concepts

Demographic SegmentationPsychographic SegmentationGeographic SegmentationBehavioral Segmentation