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)