MANAGEMENT

Detailed explanation-1: -Market segmentation is a marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action.

Detailed explanation-2: -A target market is the group of people most likely to purchase a specific product or service. It’s important for businesses to understand their target market, because members of this group are most likely to buy and recommend their products, improving the number of sales.

Detailed explanation-3: -A target market is a group of customers with shared demographics who have been identified as the most likely buyers of a company’s product or service. Identifying the target market is important in the development and implementation of a successful marketing plan for any new product.

Detailed explanation-4: -Market segmentation is the process of dividing the market in to groups of consumers who respond in a similar way to a given set of marketing stimuli (e.g. price, product features) or, alternatively, groups of consumers/customers with homogeneous needs or preferences.

Detailed explanation-5: -3) Generic markets to product-markets. A generic market is a market with broadly similar needs-and sellers offering various, often diverse, ways of satisfying those needs. A product-market is a market with very similar needs and sellers offering various close substitute ways of satisfying those needs.