MANAGEMENT

Detailed explanation-1: -Market segmentation is a process that consists of sectioning the target market into smaller groups that share similar characteristics, such as age, income, personality traits, behavior, interests, needs or location. These segments can be used to optimize products, marketing, advertising and sales efforts.

Detailed explanation-2: -Five ways to segment markets include demographic, psychographic, behavioral, geographic, and firmographic segmentation.

Detailed explanation-3: -Market segmentation seeks to identify targeted groups of consumers to tailor products and branding in a way that is attractive to the group. Markets can be segmented in several ways such as geographically, demographically, or behaviorally.

Detailed explanation-4: -Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types.