A Market Segment is a group of customers in a market that have similar characteristics and needs.
E.G. You can segment the car market by the type of car a person drives, such as sports, executive, people carrier etc. Sports car drivers are likely to have different needs to people carrier drivers.
Benefits
Market segmentation helps businesses:
- Carry out market research
- tailor products to customer needs
- target promotions at a specific groups
Comments
No comments have yet been made