market-segmentation

Vocabulary Word

Definition

'Market-segmentation' is like creating buckets for different types of customers based on shared characteristics. This helps a business understand its buyers better and tailor its products and marketing to fit.

Examples in Different Contexts

A tech company offering a fitness app could use 'market-segmentation' to provide yoga routines for seniors and high-intensity workouts for younger users.

Practice Scenarios

Marketing

Scenario:

Our surveys indicate a positive response from youth aged 18-25 towards eco-friendly packaging. Could this information shape our next campaign?

Response:

This eco-friendly trend seems to resonate with our young consumers. We should segment our market accordingly and plan a campaign targeting these eco-conscious individuals.

Product

Scenario:

We're seeing a trend in consumers interested in sustainable products. Should we consider this for our new product line?

Response:

Yes, in line with market-segmentation methods, we should design for consumers interested in sustainability. Our product design choices must appeal to this consumer segment.