Lesson 6: MARKET SEGMENTATION II
Marketing is all about satisfying the needs and wants of consumers. Consumers have the funds and are willing to spend to satisfy their needs by buying goods and services. Marketing strategies are important for a business to satisfy consumer needs. The target market comprises of groups of people or organizations for whom the business intends to implement its marketing strategies. The business then divides the target market into groups of buyers with distinct needs, characteristics or behaviors; these groups are called market segments. Market segments are, therefore, subsets of target markets and their characteristics bring out the characteristics of target markets.