Explain market segmentation and how it is used to identify a target market.
Explanation should include the following types of market segmentation:
- Geographic (e.g., location, climate, community size)
- Demographic (e.g., age, gender, ethnicity, income bracket, marital status, family size, education level)
- Psychographic (e.g., activities, attitudes, personality and values, lifestyle)
- Behavioral (e.g., features desired, usage rate, brand loyalty)