Title: Explain market segmentation.
Course: Principles of Business and Marketing (12051-18) > Section: Exploring the Core Concepts of Business and Marketing

Explanation should include the following types of market segmentation:

- Geographic (e.g., location, climate, city or community size)
- Demographic (e.g., age, gender, ethnicity, income bracket, marital status, family size, education level)
- Psychographic (e.g., activities, attitudes, personality and values, lifestyle)
- Behavioral (e.g., features desired, usage rate, brand loyalty)

Process/Skill Questions:

- What is market segmentation?
- What are common methods of market segmentation?
- Why is market segmentation important?
- What differentiates behavioral from psychographic factors?
- How can market identification help businesses respond to customers’ needs and preferences?
- How can businesses use market segmentation methods to introduce a new product?
- How can knowledge about the different stages of life aid a business with market segmentation?
- How can market segmentation help a business identify opportunities?