Target Market and Market Segmentation Quiz

Market Segmentation

• Defining a target market allows businesses to tailor their products, services, and marketing strategies to meet the specific needs and preferences of a specific group of customers.

Geographic Segmentation

• An example of geographic segmentation is dividing a market into regions based on location, such as urban, rural, or coastal areas.

Psychographic Segmentation

• Psychographic segmentation involves dividing a market based on lifestyle, personality, attitudes, values, and interests.
• Psychographic segmentation is the practice of dividing a market into smaller groups based on psychological characteristics.

Types of Markets

• A mass market focuses on broad appeal and targets a large audience.

Behavioral Segmentation

• An example of behavioral segmentation is dividing a market based on usage patterns, such as frequent users, occasional users, or non-users.

Purpose of Market Segmentation

• The main reason for market segmentation is to identify and target specific groups of customers with tailored products, services, and marketing strategies.

Reasons for Market Segmentation

• Businesses engage in market segmentation to identify and target specific groups of customers, but not to avoid competition.

Test your knowledge on targeting and segmenting the market, including the definition of target market and market segmentation, its purpose, and examples. Explore how enterprises allocate resources and marketing efforts towards specific groups of people. Understand the concept of dividing a big group of people into smaller groups based on interests or characteristics.