Answer to Question #242289 in Management for Sim

Question

Discuss the concept ‘Market segmentation’, including the types of segments

Answer 1

The concept of market segmentation involves determining how an organization identifies and divides its customers based on various factors such as age and sex. It helps to understand better target customers, their tests, preferences, and behaviour, thus allowing an organization to effectively market products to the rights markets. Major types of market segmentation include geographic segmentation, psychographic segmentation, product-space segmentation, demographic segmentation, and behavioural segmentation.