Business – 3.1 The nature of marketing – Market segmentation | e-Consult
3.1 The nature of marketing – Market segmentation (1 questions)
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Key demographic variables include:
- Age – Determines product relevance (e.g., smartphones with simplified interfaces for older adults).
- Income – Influences price positioning (e.g., premium luxury watches for high‑income consumers versus budget watches for lower‑income groups).
- Family size – Affects product size and packaging (e.g., larger cereal boxes for families with children versus single‑serve packs for single adults).
By analysing these variables, marketers can tailor product features, pricing, distribution channels, and promotional messages to meet the specific needs and buying power of each segment, increasing the likelihood of a successful launch.