Selling a product to a wide, undifferentiated audience, prioritising reach and volume
What is niche marketing?
Customer orientated
Targeting a specific, defined segment of consumers with unique preferences and needs
What is market segmentation?
Splitting a market into respective groups
How would you segment a market?
Segment the market by:
Income
Age
Gender
Ethnicity
Location
Occupation (job type)
Size
What are the advantages of market segmentation?
Business can meet the wants and needs of customers. This will allow them to increase prices as more customers will be buying their products, therefore increasing sales and revenue
What are the disadvantages of market segmentation?
