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Market Segmentation Name: Institution: MARKET SEGMENTATION Introduction Market segmentation can be defined as a concept of marketing that divides the market into smaller sub-markets that comprise of clients that possess similar preference, demand, and taste (Yankelovich, 2004: p86).
Consumers from similar market segments also respond in the same manner to market fluctuations. Basis on which market segmentation is done includes gender, income, age group, marital status, and occupation (Yankelovich, 2004: p86). Based on gender, the marketer will divide the consumer market into smaller sub-sets with regards to gender. Women and men possess different preferences and interests, which necessitates segmentation (Yankelovich, 2004: p87). Businesses and organizations should carry out different strategies in marketing when selling products to male consumers, which would not be as effective with female consumers. Men will normally not buy products that the business markets to men while females would not buy male-marketed products. Gender-based market segmentation is vital in various industries such as apparel, footwear, cosmetics, and footwear. Age-group segmentation, on the other hand, is division of the market based on the target audience’s age bracket. Obviously, the manner in which a business markets products to teenagers will be different to how they market them to young children or adults. Examples of age-based segmentation include toys and sweet foods to those under ten years, apparel and music to those between ten and twenty years, and anti-aging products, magazines, and cosmetics to those over the age of twenty (Yankelovich, 2004: p87). ...
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