Market Segmentation

Question	Answer
Define Market Segmentation?	The process of dividing the potential customers into groups based on who has similar characteristics. It allows business to adapt products to meet needs of customers.
Define Age?	Grouping customers based on age, for example teenagers, children, pensioners.
Define Gender?	Grouping customers based on whether they are male/female.
Define Socio-economic?	Grouping customers based on income levels/ occupation (which can reflect income level)
Define Geographic Location?	Grouping customers based on where they live/work, for example (different countries/cities/districts/countryside/seaside, etc)
Define Lifestyle?	Grouping customers based on the way they live their life: Purchasing habits, for example (online shopping, use of credit card/ debit cards) Hobbies/interests (e.g. sports, gardening)

Resource summary

	Created by s1401314 almost 9 years ago