Explain the terms market segmentation?
A company should examine the different needs and desires of the market. They should look at their inner strengths and weaknesses and consider the opportunities available in the market. Focusing on the opponent’s strategy will give a competitive advantage.
Market segmentation is the method of classifying a targeted market into diverse groups of customers with different needs. These groups ought to market specific products and services or market mixes. Basically, it categorizes customers into diverse groups with distinct needs, behaviors, income levels, and characteristics. This allows marketers to focus on the advertising plan for targeted users. Depending on the market segmentation, firms can create their own market and entice traditional customers.
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