Write short notes on the following in about 150 words each .a) Geographical segmentation
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Answer:
Geographic segmentation is a component that competently complements a marketing strategy to target products or services on the basis of where their consumers reside. Division in terms of countries, states, regions, cities, colleges or Areas is done to understand the audience and market a product/service accordingly.
Answer:
Geographic segmentation allows large companies to target the varying wants and needs of customers in different regions. ... Consumers that live in different geographic regions typically display varying needs, wants, and cultural characteristics that can be specifically targeted for more efficient and better marketingIn dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common interests, similar lifestyles, or even similar demographic profiles. The overall aim of segmentation is to identify high yield segments – that is, those segments that are likely to be the most profitable or that have growth potential – so that these can be selected for special attention (i.e. become target markets). Many different ways to segment a market have been identified. Business-to-business (B2B) sellers might segment the market into different types of businesses or countries, while business-to-consumer (B2C) sellers might segment the market into demographic segments, such as lifestyle, behavior, or socioeconomic status.
The STP approach highlights the three areas of decision-making
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