Market Segmentation

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market segmentation

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The splitting of the market for product or service into different parts, or segments.

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Target Market

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Group of customers at which a product or service is aimed, or targeted.

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Methods used to segment a market?

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age, socio-economic group, location, gender, income, family characteristics, education, occupation

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How is a market segmented by 'age'?

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Age groups can be split into categories e.g. 0-10, 11-16 or 18+.  Or even by young and old

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How is a market segmented by 'gender'?

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Products can be aimed specifically at males or females or both

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How is a market segmented by 'location'?

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Consumers live in different parts of the country and will have different tastes and needs.  Those living in the city might want a smaller car

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How is a market segmented by 'income'?

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The population can also be divided into; low income, middle income and high income. 

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Segmentation of a market is done to help with?

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Targeting advertising more accurately

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Which market segments would this product appeal to? Options: Young, females, any income, any location, Any age group, females, high income, living in Scotland, sporty

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Young, females, any income, any location

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How would you change this product so that it appealed to young males?

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Change the colour to blue and use different pictures to fairies, by using superheroes.