Entrepreneurship

• Target Market is a business term meaning the market segment to which a particular good or service is marketed. It is mainly defined by age, gender, geography, socio-economic grouping. or any other combination of demographics.
• Age and life-cycle segmentation: The consumer's needs and wants change with age. Therefore some companies use age and life-cycle segmentation, where age and the life-cycle determine the marketing approach.
• Gender segmentation is used to differentiate the needs and wants between men and women due to the fact that men and women have different attitudes toward a product.
• Income segmentation divides the market into different income groups. It is used in automobiles, clothing, cosmetics, and travel.
• Generation segmentation: Each generation is influenced by the times in which they grow up for example the music, the movies, politics and other significant events characteristic of that period.
• Social Class segmentation

  divides the customers according to their preferences in cars, clothing, home furnishings, leisure activities, reading habits
• • Methods in Market Segmentation:

  Demographic segmentation

  Geographic segmentation Psychographic segmentation

  Behavioral segmentation
• • Demographic Segmentation

  divides customers into segments based on demographic values such as age, gender, family size, family life cycle, occupation, education, religion, generation, social class and nationality
• The geographic segmentation divides customers into segments based on geographical areas such as nations, states, regions, countries, cities.
• Psychographic Segmentation The psychological variables derive from two principal types of customer: personality profiles and lifestyle profiles.