Practical Application in Exam Context

This page demonstrates how to apply market segmentation knowledge in an exam setting through a specific example question.

Quote: "If a business understands its customers' needs, its products and services can be developed to meet these needs."

Highlight: The answer structure requires identification of one way and two expansion points for full marks.

Market Segmentation Assessment

The final page provides practical examples of exam questions and model answers related to market segmentation.

Definition: A market segment is defined as a specific group of customers who have similar characteristics and needs.

Example: The three-mark question demonstrates how to explain the benefits of market segmentation in terms of targeting specific customer groups and increasing sales.

Market Segmentation Introduction

The first page introduces the concept of market segmentation as a fundamental business strategy. This foundational concept sets the stage for understanding how businesses can effectively divide their market into manageable segments.

Definition: Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.