1.23 Market Segmentation

Market Segmentation: dividing customers into smaller groups with common needs and wants.

Demographics: the characteristics of a population including age, income, gender, race and religion.

Market segmentation is all about a company targeting a specific audience.

The process of breaking a market down into smaller groups with something in common is called market segmentation.

Customers can be segmented according to their: location; lifestyle; income; age; gender; race; religion.