Segmentation: Business: Pearson (Edexcel): GCSE (9:1)

Segment

A piece of the whole usually expressed as a percentage or fraction

Market segmentation

Dividing the market up into groups of customers and consumers with specific needs and wants

Mass marketing

Marketing a product to the whole, unsegmented market, regardless of individual group or demographic differences

Location

Where people live, work and interact with the market

Income

How much money customers earn

Lifestyle

The choices people make in the way they live, e.g. hedonistic, vegetarian, health-conscious

Age

The different age groups that make up the population, usually divided into bands or life stages, e.g over 65s or retired people

Other Demographic factors

Factors that define people into groups, e.g. race, religion, gender,

Demographics

The study of statistical differences within a given population

Market mapping

Setting out the features of a market in the form of a diagram

Targeting

Aiming your product or service at a specific group or set of groups in the market

Competing effectively

Gaining market share and driving inefficient products and businesses out of the market