Is that a good market share?
Maybe we need to know more about our customers and what they call a ‘target market’.
We were reading that there are different bases for segmenting a consumer market, which are:
- Geographic
- Demographic
- Psychographic
- Behavioral
- Benefits
We are not sure which ones we are using? Can you help us?
This is our typical customer…
Let’s call her Sally.
She is aged in her early 30’s and is married with a young family.
Sally has told us that she is a busy working mom who likes to travel, spend time with friends, and goes to the gym when she can.
She is a repeat customer and appears to be quite loyal to our business. She comes in several times a month to buy from us.
This seems like a good description of our target market, but can you tell us what market segmentation bases (from the list above) that we have used?
Code hint
You need to enter five letters without spaces in CAPITAL letters – either Y for yes or N for no – such as YYYNY (which is not the right answer by the way).
Work through the list of five segmentation bases. Is the firm using a geographic segmentation base? Y or N? And then repeat for each in the sequence above.