- 20 Marks
BMIS – May 2017 – L1 – Q6 – Operations strategy
Explain the concept of market segmentation and describe the main types of segmentation used in marketing.
Question
Markets are not homogeneous. A company cannot connect with all customers in large, broad, or diverse markets. Consumers vary on many dimensions and often can be grouped according to one or more characteristics. A company needs to identify which market segment it can serve effectively.
Required: Explain:
i) Market segment. (4 marks)
ii) Geographic segmentation. (4 marks)
iii) Demographic segmentation. (4 marks)
iv) Psychographic segmentation. (4 marks)
v) Behavioral segmentation. (4 marks)
(Total: 20 marks)
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