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Market segment is part of a market which contains a group of buyers with similar characteristics, such as age and incom
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E1: Market Segmentation Market segment is part of a market which contains a group of buyers with similar characteristics, such as age and income. For example, young people might want a chocolate that contains a lot of sugar and old aged pensioners might want breakfast snack bar with low calories. The aim is to meet people needs and wants more precisely. Unfortunately, the problem is that, it may cost more to develop a new visions of a product or service. Markets can be segmented according to the characteristics of buyers: * Age, e.g. magazines from different age groups (such as Just 17) * Gender, e.g. some targets are aimed at boys such as, Action Man while others are aimed at girls such as, Barbie dolls * Income- the higher the income a individual earns, the more likely they are to buy anything from a new car to a foreign holiday * Area, e.g. shoppers in North East...
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