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What is Market Segmentation about?

Market segmentation involves dividing a market into smaller groups with similar characteristics to effectively target and meet their needs. Businesses can segment markets based on location, demographics, lifestyle, income, and age, while market mapping helps identify product placement and competitive gaps. In a competitive environment, businesses must differentiate through pricing, quality, location, product range, and customer service to gain a competitive advantage.

Author

samiyahmohamed220

Language

EN