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Market segmentation

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Why is it important to segment a market?
How can a market be segmented?
What is the difference between a segment and a niche?

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Solution Summary

The expert determines why it is important to segment a market. The difference between a segment and a niche market is determined.

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Why is it important to segment a market?
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The importance of market segmentation results from the fact that the buyers of products or services are no homogenous group. Every buyer has individual needs, preferences, resources and behaviors. It is virtually impossible to cater for every customer's individual characteristics. Therefore marketers group customers to market segments by variables they have in common. These common characteristics allow developing a standardized marketing mix for all customers in this segment.

Maket segments are homogeneous within - i.e. people/conumers in the segment are similar to each other in their attitudes about certain variables.

Because of this ...

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