What Is a Market Segment? Define Market Segmentation and Discuss

question 150

Essay

What is a market segment? Define market segmentation and discuss why market segmentation is important to the well-being of most companies.

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Definitions:

Excess Supply

A market situation where the quantity of a good or service offered is greater than the quantity demanded by consumers.

Supply

The total amount of a product or service available for purchase at any given time in the market.

Hurricane

A tropical cyclone with winds exceeding 74 mph, typically characterized by rain, thunderstorms, and strong winds.

Inferior Good

A type of good for which demand decreases when consumer income rises, unlike normal goods, for which the opposite is observed.