Exploring the process of dividing a market into distinct segments based on factors such as demographics, psychographics, and behavior, and selecting target segments for marketing efforts.
Market Segmentation and Targeting 1. Market Segmentation: Definition: Market segmentation involves dividing a broad target market into subsets of consumers who have common needs, wants, or characteristics. Purpose: To better understand customers and tailor marketing strategies to meet their specific needs. Types of Market Segmentation: Demographic: Based on age, gender, income, education, etc. P...…
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