Ever wondered why certain adverts seem perfectly designed for you?... Show more
Business215 views·Updated May 27, 2026·2 pagesBoost Your Marketing Skills with Effective Strategies
Grace Hemus@gracehemus_jooj
1
of 2
Market Share and Segmentation Basics
Market share refers to the increasing number of customers a business manages to attract. It's like measuring how big a slice of the customer pie your business has compared to competitors.
Market segmentation happens when businesses focus their products towards a specific group of people, called their target market. Rather than trying to appeal to everyone, smart companies narrow their focus to particular customer groups.
There are four key reasons businesses use market segmentation. They ensure products suit specific customer needs, sell products in convenient locations where target customers shop, set prices that reflect what their market segment expects, and direct advertising towards the right people.
Quick Tip: Think about how gaming companies target teenagers differently than how luxury car brands target wealthy adults - same principle, different approaches!
This strategy matters because products simply won't sell if they don't meet customer needs or aren't available where customers expect to find them. Higher prices can be charged for quality goods when targeting the right market, whilst money gets wasted promoting unwanted products to the wrong audience.
2
of 2
Market Segmentation Methods and Promotional Factors
Businesses can segment markets in six main ways. Gender segmentation creates products aimed at males, females, or unisex markets. Age segmentation targets specific age groups, whilst occupation segmentation focuses on particular jobs or professions.
Income segmentation aims products at people with certain earning levels. Location segmentation targets people living in specific areas, and lifestyle segmentation focuses on customers' hobbies and interests.
Several factors affect which promotional methods businesses choose. Enterprise size plays a huge role - large companies use all promotional methods with specialist marketing staff, whilst small businesses stick to narrower promotion ranges without employing specialists.
Remember: Budget constraints directly link to company size - bigger budgets mean more promotional opportunities!
Budget restraints determine available money for marketing, usually depending on the business size. Companies must also consider opportunities to reach their specific target market effectively, ensuring their promotional efforts actually connect with intended customers.
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Business215 views·Updated May 27, 2026·2 pagesBoost Your Marketing Skills with Effective Strategies
Grace Hemus@gracehemus_jooj
Ever wondered why certain adverts seem perfectly designed for you? That's market segmentationin action - businesses splitting up their potential customers into specific groups to sell more effectively. Understanding how companies target different market segments is crucial for your... Show more
1
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Market Share and Segmentation Basics
Market share refers to the increasing number of customers a business manages to attract. It's like measuring how big a slice of the customer pie your business has compared to competitors.
Market segmentation happens when businesses focus their products towards a specific group of people, called their target market. Rather than trying to appeal to everyone, smart companies narrow their focus to particular customer groups.
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Quick Tip: Think about how gaming companies target teenagers differently than how luxury car brands target wealthy adults - same principle, different approaches!
This strategy matters because products simply won't sell if they don't meet customer needs or aren't available where customers expect to find them. Higher prices can be charged for quality goods when targeting the right market, whilst money gets wasted promoting unwanted products to the wrong audience.
2
of 2Sign up to see the content. It's free!
- Access to all documents
- Improve your grades
- Join milions of students
Market Segmentation Methods and Promotional Factors
Businesses can segment markets in six main ways. Gender segmentation creates products aimed at males, females, or unisex markets. Age segmentation targets specific age groups, whilst occupation segmentation focuses on particular jobs or professions.
Income segmentation aims products at people with certain earning levels. Location segmentation targets people living in specific areas, and lifestyle segmentation focuses on customers' hobbies and interests.
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