The process of determining who buys the company product line is based on the consumer's age, and education level. He is defining the product's market segmentation.
What is market segmentation?
- Market segmentation is a marketing approach in which specific customer groups are identified so that particular items or product lines can be presented to them in a way that appeals to their interests.
- Although the four primary categories of market segmentation—demographic, psychographic, behavioral, and geographic—are generally regarded as such, there are many additional tactics you can employ, as well as various variants on the four main types.
- As part of the market segmentation process, the target market is divided into smaller groups based on factors like age, income, personality traits, behavior, interests, needs, or location.
- Product, marketing, advertising, and sales activities can all be optimized using these segments.
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