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 clothing brand might use 'market-segmentation' to target teenagers with trendy styles and older adults with more classic designs.

Practice Scenarios

Tech

Scenario:

Our user feedback indicates that small businesses find our tool particularly useful. Should we consider this in our product development strategy?

Response:

Yes, perhaps we can tailor our tool's features to suit this market-segment. It could involve simplifying the user interface or offering affordable pricing packages.

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.