BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -It is the process of dividing the target market into smaller groups. These segments enable companies to get a better understanding of their target audience. They can be segmented on similar characteristics such as interests, needs, location, demographics, priorities, and personality traits.

Detailed explanation-2: -The Importance of Market Segmentation Market segmentation can help you to define and better understand your target audiences and ideal customers. If you’re a marketer, this allows you to identify the right market for your products and then target your marketing more effectively.

Detailed explanation-3: -The two do overlap, but each has its own uses. While customer segmentation is about grouping customers together based on their characteristics and behaviour, market segmentation focuses on grouping customers by the products or services they purchase, such as software.

Detailed explanation-4: -Market segmentation is the process of dividing a broad population into subgroups according to certain shared factors. These groups may have common demographics (age, gender, etc.), geographic location, attitudes, behaviors, or a combination of similar characteristics. A consumer may belong to multiple market segments.