segmentation
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Question
Identify and discuss three reasons why market segmentation is so important to strategy implementation. Include examples from an industry you have been or would like to be associated with.
Expert Solution
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Step 1
The process of breaking down a bigger market into smaller groups of consumers who share similar wants, traits, and behaviours is known as market segmentation.
Market segmentation is to pinpoint particular client segments that a company can target with specialised marketing tactics, goods, and services.
Market segmentation is a crucial strategy for organisations because it enables them to concentrate their efforts on the clients most likely to purchase their goods or services.
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