Market Segmentation

• What is market segmentation?

  Splitting customers into groups with common traits
• Why is market segmentation important for businesses?

  It allows targeted marketing to specific customer groups
• How can a business segment the market?

  By income or age
• What is the benefit of targeting a specific market segment?

  It allows for a tailored marketing mix for customers
• What should a business expect from selecting an appropriate marketing mix?

  Increased sales and improved competitiveness
• What is market mapping used for?

  Identifying market gaps and competition
• When does market mapping occur?

  At a specific point in time
• What are the key components of market segmentation and its benefits?

  • Splitting customers into groups
  • Targeting specific customer needs
  • Selecting an appropriate marketing mix
  • Increasing sales and competitiveness
  • Identifying market gaps through mapping