Market Segmentation
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BUSINESS STUDIES
Marketing :: Market Segmentation
This page will help you understand how a market can be divided into segments and why segments are important in marketing.
Types of segments
Just as you can divide an orange up into segments you can divide the population as a whole into many different groups of people or segments which have something in common. Segmenting the market makes it easier to identify groups of people with the same consumer needs and wants. Marketers therefore look for categories they can use to divide up the population.
There are five commonly used categories:
Age
Gender
Culture
Income
Lifestyle
Age
The population can be divided by age in years (e.g. 0-16, 17-25) or by the stage of life reached (e.g. schoolchild, teenager). For example, a pensioner will have similar needs to those of other pensioners but different needs from those of a teenager...