GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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People have different hobbies and interests, which can be connected to income and location.
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Consumers live in different parts of the country and will have different tastes and needs. Those living in the city might want a smaller car
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The population can also be divided into; low income, middle income and high income.
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Age groups can be split into categories e.g. 0-10, 11-16 or 18+. Or even by young and old
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Detailed explanation-1: -Income segmentation considers how much people earn and how much disposable income they have. This is extremely important for certain products. For example, a business selling high-end luxury cars or expensive jewellery would need to target people with a high level of income.
Detailed explanation-2: -Markets can be segmented in several ways such as geographically, demographically, or behaviorally. Market segmentation helps companies minimize risk by figuring out which products are the most likely to earn a share of a target market and the best ways to market and deliver those products to the market.
Detailed explanation-3: -Market segmentation is the process of dividing the market into subsets of customers who share common characteristics. The four pillars of segmentation marketers use to define their ideal customer profile (ICP) are demographic, psychographic, geographic and behavioral.
Detailed explanation-4: -Age. Age is the most basic variable of them all, albeit the most important because consumer preferences continually change with age. Gender. Income and occupation. Ethnicity and religion. Family structure.