Market Segmentation

... Market Segmentation Market segmentation is all about deciding what products to make and sell by finding out who the likely customers are going to be (e.g. aiming at young or old people.) By knowing this businesses are most likely to be making bigger profits rather than businesses that don't know the market network inside out. In order to target certain customers, businesses break down the market for certain products into different groups. This is known as Market Segmentation. Businesses can segment their market in different groups such as AGE, GENDER, INCOME, and AREA. There are other ways of segmenting such as: Repeat Customers Impulse Buying Planned Buying Brand Loyalty There are numerous reasons why businesses should attempt to segment their markets carefully. Firstly, it's to match the customers' needs. Another big reason is to make enhanced profits for the business itself. Also, there are better opportunities for growth. Lastly, it is to retain more customers. Gain share of

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