What are the 5 market segments?
What are the 5 market segments? Five ways to segment markets include demographic, psychographic, behavioral, geographic, and firmographic segmentation. How do you identify market segments? Demographically market is segmented on the basis of age, family size, gender, household income, life stage, occupation, education, religion, race, generation and social class. Further, segmentation can be done on the basis of lifestyle and personality traits. What is the purpose of market segment? Market segmentation studies help businesses understand the distinct groups of people that make up their market. They work by grouping customers with similar attributes. This allows companies to identify and target...