Market segmentation

• What are some bases for market segmentation?

  Gender, location, lifestyle, income, age
• Why is market segmentation important for businesses?

  It allows for tailored marketing strategies
• How do businesses use market segmentation?

  To target customers effectively
• What is market segmentation?

  Splitting a market into different segments
• What is a major reason for market segmentation?

  To create a custom marketing mix
• How does gender serve as a basis for market segmentation?

  It influences marketing strategies for products
• Why is age group segmentation effective?

  It allows for personalized marketing strategies
• What does income segmentation determine?

  Purchasing power of the target audience
• How does geographic segmentation affect marketing?

  It matches products to specific regions
• What is lifestyle segmentation based on?

  Marital status, interests, hobbies
• What is behavioral segmentation focused on?

  Audience behavior and usage preferences
• How can brand loyalty be categorized in behavioral segmentation?

  Brand loyal, brand neutral, competitor loyal
• What is the purpose of market mapping?

  To identify gaps in the market
• What dimensions can be used in a market map?

  Price and quality
• Why do businesses need to segment their markets?

  To address differing customer needs
• What are the benefits of market segmentation for businesses?

  Better matching of customer needs
• How does market segmentation enhance profits?

  By allowing price adjustments based on segments
• What is demographic segmentation based on?

  Age, gender, marital status, income
• How does psychographic segmentation influence buying behavior?

  It considers personality and lifestyle factors
• What is the significance of geographic segmentation?

  It optimizes marketing strategies for regions
• How does competition benefit customers?

  It leads to lower prices and better products
• What is illegal in competitive pricing?

  Retailers agreeing on fixed prices
• What should businesses focus on to win customer loyalty?

  Providing helpful and friendly service
• What are the types of market segmentation?

  • Demographic segmentation
  • Psychographic segmentation
  • Behavioral segmentation
  • Geographic segmentation
• What are the bases of market segmentation?

  • Gender
  • Age
  • Income
  • Location
  • Lifestyle
• What are the benefits of market segmentation for businesses?

  • Better matching of customer needs
  • Enhanced profits
  • Improved marketing communication
  • Increased customer retention
• What is the purpose of market mapping?

  • Identify gaps in the market
  • Optimize product positioning
  • Analyze competition
• What factors influence customer buying behavior?

  • Demographics
  • Psychographics
  • Behavioral patterns
  • Geographic location
• What are the key points to remember for market segmentation?

  • Tailored marketing strategies
  • Different needs for different segments
  • Importance of targeting effectively