Business – 3.1 The nature of marketing – Market segmentation | e-Consult
3.1 The nature of marketing – Market segmentation (1 questions)
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Advantages:
- Targets specific age, gender, income or education groups, enabling products and promotions to be tailored to the needs and preferences of those groups.
- Facilitates efficient allocation of marketing resources by concentrating effort on the most profitable or fastest‑growing segments.
Disadvantage:
- May ignore important lifestyle or psychographic differences within the same demographic group, leading to missed opportunities and reduced market coverage.