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Transcript of Market Segmentation
Market segmentation is a marketing strategy that involves dividing a broad target market into smaller target markets who have common needs and priorities, and then designing products specifically for them.
These are the groups that companies may segment their market to. Some examples are:
- By age - By religion
- By lifestyle - By region
- By gender
A market acronym is a set group that a market may ain products at. Some examples are:
- DINKY (Double income, no youths)
- SINBAD (Single income, no boyfriend, absolutely desperate)
- FLY (Fun loving youth)
Why use market segmentation?
- To identify target groups for specific products.
- it could lead to a wide range of differentiated products.