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: -Key Takeaways. A market segment is a group of people who share one or more similar characteristics. Corporations and marketing teams use various criteria to develop target markets for their products and services.

Detailed explanation-3: -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.

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.

Detailed explanation-5: -Market Segmentation Question 6 Detailed Solution Philip Kotler defines, “Market segmentation is a process of identifying groups of buyers with different desires or requirements."