Title: Describe market identification and segmentation.
Course: Marketing (12164) > Section: Understanding Product/Service Positioning

Description should include

- a definition of market identification and market segmentation
- types of market segmentation (e.g., demographic, geographic, psychographic, behavioral)
- how market identification is used to respond to customers’ needs and preferences.

Process/Skill Questions:

- What methods might be used to identify specific target markets?
- 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 identification and segmentation?
- Why should a business go through market identification prior to opening or expanding?
- How can market segmentation identify opportunities for a business?