part of creating a 4.2 Market Planning is to identify market segment, target to a market, and how your product falls in place compared to others
segmentation
- market segments!
- divide a market into smaller pieces based on age culture education, ethnicity family size gender geography income lifestyle profession religion social status etc.
demographic segmentation
- based on statistical characteristics of a population
- age, gender, family size, religion, ethnicity
geographic
- based on location
- globalization → similar trends across the whole wide world
psychographic segmentation
- personal values/personal choices (so lifestyle)
socioeconomic
- i.e. premium plane tickets
target market
positioning
