QUESTION:
(a)
What
is Market Segmentation?
(b) Differentiated, Undifferentiated and
Concentrated Marketing
SOLUTION:
Market segmentation is a marketing
strategy that involves dividing a broad target market into subsets
of consumers who have common
needs and priorities, and then designing and implementing strategies to target
them.
METHODS FOR SEGMENTING CONSUMER MARKETS
Geographic Segmentation
Marketers can segment according to geographic criteria,
states, regions, , languages, cities, neighborhoods etc. The geo-cluster
approach combines demographic data with geographic data to create a more
accurate or specific profile.[1]
With respect to region, in rainy regions merchants can sell things like
raincoats, umbrellas. In hot regions, one can sell summer clothing.