Market segmentation
Process of identifying groups of people who behave in similar ways to each other, but somewhat differently than other groups
Results in market segment: a group of consumers with similar behaviours and needs that differ from those of the entire mass market
Process of identifying groups of people who behave in similar ways to each other, but somewhat differently than other groups
Results in market segment: a group of consumers with similar behaviours and needs that differ from those of the entire mass market
Goal: minimise variance within groups and maximise variance between groups
Opposite of market aggregation