Explain Why a Retailer Should Be Concerned with Market Segmentation

question 88

Essay

Explain why a retailer should be concerned with market segmentation and identifying a target market.Define and discuss the three criteria that should be met to reach a target market.

---

Definitions:

Attitude

An inclination within the psyche to judge an observed entity with a level of preference or aversion.

Decisive Personality

A characteristic trait of individuals who can make choices quickly and confidently, often showing firmness and determination in their actions.

Cognitive Dissonance

A psychological concept referring to the mental discomfort experienced by a person who holds contradictory beliefs, ideas, or values.

Leon Festinger

An American social psychologist renowned for developing the theory of cognitive dissonance, which describes the psychological discomfort resulting from holding contradictory beliefs or attitudes.