Understanding customers segmentation

• What is market segmentation?

  Splitting a market into different groups
• What is a target market?

  Specific group of people for a product
• How does marketing fit into a business strategy?

  It aligns with the overall strategy
• What are the methods of market segmentation?

  • Age
  • Income
  • Geographic
  • Gender
• How does age affect market segmentation?

  Targets offerings to different life stages
• What does income segmentation consider?

  People's earnings and disposable income
• What is geographic segmentation based on?

  Location factors like climate and population
• How does gender affect product targeting?

  Targets products at male or female customers
• Why is satisfying customer needs important for a new business?

  It helps generate sales and ensures survival
• What are the benefits of market segmentation?

  • Identifies target market
  • Creates specific marketing strategies
  • Increases marketing effectiveness
• Why must a business identify customer needs?

  To fulfill customer expectations and demands
• What are the four main customer needs to consider?

  • Price
  • Quality
  • Choice
  • Convenience
• What does price refer to in customer needs?

  How much a business charges for products
• Why is quality important for customer needs?

  Customers expect a standard level of quality
• What does choice mean in customer needs?

  Offering a range of products for customers
• How does convenience relate to customer needs?

  It makes purchasing easier and quicker