Market Segmentation and Market Mapping: Targeting the Right Customers for Business Success

The video tutorial explains market segmentation, a strategy where businesses divide the market into distinct segments to better target customers. It covers various segmentation methods, including location, lifestyle, age, income, and demographics, with examples from different industries. The tutorial also introduces market mapping, a tool for identifying market gaps and positioning products effectively. By understanding these concepts, businesses can enhance their marketing strategies and product offerings to meet specific customer needs.

Why is it important for businesses to segment their target market?

What role does market mapping play in identifying market gaps?

What are the four different market segments identified in a market map?

How can businesses use market maps to show diversification options?