BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Psychographic segmentation divides the market on principles such as lifestyle, values, social class, and personality. This type of customer segmentation is significantly more difficult to implement than geographic or demographic segmentation.

Detailed explanation-2: -Segments become more homogeneous as they increase in size. A set of segments may be very clear from a statistical perspective, but they need to be useful from a managerial point of view. Some companies that tried mass customization have scaled back their attempts because it is not cost-effective.

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: -A target market is the specific group of people you want to reach with your marketing message. They are the people who are most likely to buy your products or services, and they are united by some common characteristics, like demographics and behaviors.