What Is the Primary Purpose of Market Segmentation? What Characteristics

question 13

Essay

What is the primary purpose of market segmentation? What characteristics should segments possess for a firm to make a profit?

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Definitions:

Sample

A subset of individuals, items, or data taken from a larger population for the purpose of analysis.

Average Age

The mean age of a group of individuals, calculated by adding their ages together and dividing by the number of individuals.

Random

A process or selection made without method or conscious decision, which is unpredictable and without a discernible pattern.

Census

A comprehensive count and survey of a population, usually conducted by a government.