Market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics. These characteristics can include demographics, psychographics, behavioral variables, and geographic variables.

The main reason why marketers do market segmentation is to allow them to tailor their marketing efforts to the specific needs and preferences of these segments. By doing so, they can ensure that their products or services are most effectively reaching the people who are most likely to be interested in them. This not only increases the efficiency of their marketing efforts, but also improves customer satisfaction and loyalty.

Question

Market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics. These characteristics can include demographics, psychographics, behavioral variables, and geographic variables.

The main reason why marketers do market segmentation is to allow them to tailor their marketing efforts to the specific needs and preferences of these segments. By doing so, they can ensure that their products or services are most effectively reaching the people who are most likely to be interested in them. This not only increases the efficiency of their marketing efforts, but also improves customer satisfaction and loyalty.

Knowee AI · Accepted Answer

Market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics. These characteristics can include demographics, psychographics, behavioral variables, and geographic variables.

The main reason why marketers do market segmentation is to allow them to tailor their marketing efforts to the specific needs and preferences of these segments. By doing so, they can ensure that their products or services are most effectively reaching the people who are most likely to be interested in them. This not only increases the efficiency of their marketing efforts, but also improves customer satisfaction and loyalty.

What is market segmentation? Why do marketers do market segmentation?

Question

Solution

Similar Questions

Upgrade your grade with Knowee