MANAGEMENT

Detailed explanation-1: -Marketers must be careful to guard against stereotypes when using age and life-cycle segmentation.

Detailed explanation-2: -Demographic factors are the most popular bases for segmenting customer groups.

Detailed explanation-3: -It is popular for marketers to use demographic variables as a segmentation base because: it helps to access the size of the target market and reach it effectively.

Detailed explanation-4: -Market segmentation is the process of dividing a broad population into subgroups according to certain shared factors. These groups may have common demographics (age, gender, etc.), geographic location, attitudes, behaviors, or a combination of similar characteristics. A consumer may belong to multiple market segments.

Detailed explanation-5: -Objectives of Market Segmentation To identify the needs, priorities, buying motives, and preferences of the customers. To make a customer orientation approach for the company. To define marketing goals, targets, and strategies. To identify areas for potential customers.