market segmentation and target audience

• market segmentation is the process of grouping customers together based on a common characteristic, this allows a business to tailor their products to a specific group of customers
• potential customers can be grouped into these categories

  • gender
  • occupation
  • age
  • religious or cultural belief
  • geographical location
  • lifestyle
  • social class
• A target audience is a specific group of people or customers that a business aims to reach and engage with through its marketing efforts.
• • By knowing the preferences and characteristics of their target audience, businesses can develop and offer products or services that align with their specific needs and desires.
  • By defining a target audience, businesses can focus their marketing efforts and resources on reaching the individuals who are most likely to be interested in their products or services. This helps ensure that its marketing campaigns are cost-effective and successful.
• benefits of target marketing

  • To ensure the product is sold in the most suitable place where the customer can access it
  • To make sure advertising and promotion campaigns are targeted towards the correct customer group
  • So that a price can be set that will reflect the market segment
• benefits of market segmentation

  • provides deeper insight into customers needs, wants, preferences allowing an organisation to better know their audience
  • business can tailor their marketing to specific groups
  • allows businesses to differentiate themselves form competitors