MANAGEMENT

Detailed explanation-1: -Demographic segmentation is one of the simple, common methods of market segmentation. It involves breaking the market into customer demographics as age, income, gender, race, education, or occupation. This market segmentation strategy assumes that individuals with similar demographics will have similar needs.

Detailed explanation-2: -Market segmentation can help you to divide your customer base into groups of people with similar desires. This means that you can tune your product, services and marketing strategy to meet each segment’s specific requirements.

Detailed explanation-3: -Five ways to segment markets include demographic, psychographic, behavioral, geographic, and firmographic segmentation.

Detailed explanation-4: -Market segmentation informs your marketing strategy. It is a technique to identify and qualify a market and its opportunity. Segmentation involves dividing a broad target market into subsets of customers, regions, or industries that have, or are perceived to have, common needs, interests, and priorities.