Question

Concept importance and bases of market segmentation

Answer 1

Concept , Importance and bases of Market Segmentation

Concept of Market Segmentation is to divide the consumer market into subgroups so that their interests, needs, locations etc. could be identified.

Importance of market segmentation is that it permit a business to reach a consumer with specific needs and interests. This benefit in long run in making strategic marketing decisions.

Four most important bases of Market Segmentation are Geographical, Demographic, Psychographic and Behaviour segmentation.    

Answer 2

Hey there,

Concept of market segmentation:

Market segmentation means to divide the market on the basis of their needs, demands, interests on the basis of several factors.

Importance of market segmentation:

It done in order to reach and sub group the the kind of market a business requires in order for them to profit and fulfil customers needs and wants.

Basis of market segmentation:

This is done on the basis of geographical factors, demographic factors, psychological factors and behavioural factors of the relative market.

I hope the answer is helpful.

Thanks for asking.