What does the reduction from eight to ten LSM groups signify in market segmentation?

Understand the Problem

The question is asking about the implications of reducing the number of LSM (Living Standards Measure) groups in market segmentation, specifically what this reduction signifies regarding consumer categorization and marketing strategies.

Answer

The reduction to 8 LSM groups reflects a consolidation in market segmentation.

The reduction from 10 to 8 LSM groups signifies a consolidation in the living standards segmentation, which may reflect changes in socioeconomic conditions or demographics that make finer distinctions less necessary or viable.

Answer for screen readers

The reduction from 10 to 8 LSM groups signifies a consolidation in the living standards segmentation, which may reflect changes in socioeconomic conditions or demographics that make finer distinctions less necessary or viable.

More Information

This consolidation might simplify analysis and targeting in marketing by reducing the granularity of segmentation and focusing on fewer distinct categories.

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