MANAGEMENT

Detailed explanation-1: -Market segmentation is the process of dividing up mass markets into groups with similar needs and wants.

Detailed explanation-2: -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-3: -The process of market segmentation consists of 5 steps: 1) group potential buyers into segments; 2) group products into categories; 3) develop market-product grid and estimate market sizes; 4) select target markets; and 5) take marketing actions to reach target markets.

Detailed explanation-4: -Customer segmentation is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests and spending habits.

Detailed explanation-5: -Market segmentation is the process of dividing your target market into clearly defined subgroups of consumers who have common characteristics and priorities. When you identify these segments, you can tailor your marketing strategy so you are better able to meet your customer’s wants and needs.