Glossary

• Market segmentation: The process of dividing a market into smaller groups of consumers with similar needs or characteristics.

• Target market: A specific group of consumers that a business has decided to target with its marketing efforts.

• Demographic segmentation: Dividing a market into groups based on characteristics such as age, gender, income, education level, and occupation.

• Psychographic segmentation: Dividing a market into groups based on personality, values, attitudes, interests, and lifestyles.

• Behavioral segmentation: Dividing a market into groups based on consumers' knowledge, attitudes, use, or response to a product.

• Geographic segmentation: Dividing a market into groups based on location, such as country, region, city, or neighborhood.

• Mass marketing: A marketing approach in which a business tries to appeal to the entire market with a single product or message.

• Niche marketing: A marketing approach in which a business focuses on a specific, well-defined segment of the market.

• Positioning: The process of creating an image or identity for a product in the minds of consumers.