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Market segmentation occurs when :: the total market is subdivided into groups of people who share one or more common characteristics.
- once segmented the marketing manager selects one of these segments to be the target market
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A segmentation variable is :: the characteristics of individuals or groups that are used by marketing managers to divide a total market into segments
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The four main types of segmentation variables are:
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Demographic segmentation
- particular features of a population, including the size of the population, age, sex, income, cultural background and family size
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Geographic segmentation
- geographic locations
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Psychographic segmentation
- personality characteristics, motives, opinions, socioeconomic group and lifestyles
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Behavioural segmentation
- the customers’ relationship to the product