ENTREPRENEURSHIP

Detailed explanation-1: -In the Business Model Canvas, customer segments refer to the different groups of customers that a company targets with its products or services. The customer segments are one of the building blocks of the Business Model Canvas, and they play a critical role in shaping the organization’s strategy and value proposition.

Detailed explanation-2: -Business models targeting niche markets cater to specific, specialized Customer Segments. The Value Propositions, Distribution Channels, and Customer Relationships are all tailored to the specific requirements of a niche market. Such business models are often found in supplier-buyer relationships.

Detailed explanation-3: -The right side of the canvas focuses on the customer or the market (external factors that are not under your control) while the left side of the canvas focuses on the business (internal factors that are mostly under your control).

Detailed explanation-4: -Target marketing segmentation is where you divide your potential customers into segments. You’ll then focus on a few segments (or groups of people) that align most with your product or services. Doing so helps you tap into their needs and desires to attract new sales and increase longevity.

Detailed explanation-5: -Customers can be segmented into distinct groups based on needs, behaviors and other traits that they share. A customer segment may also be defined through demographics such as age, ethnicity, profession, gender, etc or on their psychographic factors such as spending behavior, interests, and motivations.