BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Automobiles, financial services, and travel marketers use the lifecycle segmentation. Life cycle segmentation comes under demographic segmentation, implying that the market is divided based on the age of individuals because there are different needs at each stage of life.

Detailed explanation-2: -Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types.

Detailed explanation-3: -Segmentation helps marketers to be more efficient in terms of time, money and other resources. Market segmentation allows companies to learn about their customers. They gain a better understanding of customer’s needs and wants and therefore can tailor campaigns to customer segments most likely to purchase products.

Detailed explanation-4: -Using an undifferentiated marketing (or mass-marketing) strategy, a firm might decide to ignore market segment differences and target the whole market with one offer. This mass-marketing strategy focuses on what is common in the needs of consumers rather than on what is different.