BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Products can be aimed specifically at males or females or both
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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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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: -How is a market segmented by ‘income’? People have different hobbies and interests, which can be connected to income and location. The population can also be divided into; low income, middle income and high income. People have different hobbies and interests, which can be connected to income and location.
Detailed explanation-2: -Lifestyle segmentation is a marketing practice that involves dividing customer data into subcategories. These segments reflect the buying practices, interests, dislikes and daily habits of customers.
Detailed explanation-3: -Psychographic segmentation divides people into groups based on their personality, lifestyle, social status, activities, interests, opinions, and attitudes.
Detailed explanation-4: -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-5: -Psychographic segmentation divides buyers into different segments based on internal characteristics-personality, values, beliefs, lifestyle, attitudes, interests, and social class-so you can market accordingly.