Y12 BM HL

approach to marketing that focuses on meeting the specific demands (desires and needs) of customers and potential customers.

------- orientated new product launches are more likely to be successful as they are based on market research

The process of dividing a market for a product into smaller or distinct groups of customers in an effort to meet their specific desired needs and wants

2 examples of socio-economic segmentation are ......, .........., .......

Target Market ........

Market segmentation is a prerequisite to targeting.

• True

• False

Niche market are businesses that

Psychographic segmentation splits the market according to people’s

......, ...... and ..... are examples of demographic segmentation.

Product oriented businesses prioritise research and development (R&D) over market research.

• True

• False