Market Segmentation Flashcards

1️⃣ Familiarise yourself with the flashcards:

  • Look through all the flashcards to see what's on both sides.
  • Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

  • Look at the question or prompt on each card and try to remember the answer before flipping it over.
  • Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

  • Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
  • Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What is market segmentation?

Splitting the market into groups of customers with similar needs or similar characteristics.

Why do businesses segment a market?

To focus on the right customers, meet their needs better, and reduce wasted spending on marketing.

Name five common ways to segment a market in GCSE Business.

Age, gender, income, lifestyle, and location.

What is demographic segmentation?

Grouping customers by personal facts such as age, gender, or income.

What is geographic segmentation?

Grouping customers by where they live or work, such as city, town, or region.

What is lifestyle segmentation?

Grouping customers by how they live, such as interests, values, or activities.

What is a target market?

The segment or segments a business chooses to focus on.

How can segmentation guide the marketing mix?

It helps choose the right product features, price, places to sell, and promotion for the chosen segment.

What is a customer profile?

A short description of a typical customer in a target segment, such as their age, income, lifestyle, and location.

Give two drawbacks of market segmentation.

Segments can be too small or change over time, and data may be wrong or out of date.

What is the difference between a mass market and a niche market?

A mass market aims at most customers. A niche market focuses on a small, clear segment.

A café sells low-cost lunch deals near schools. Which two segments are they likely targeting?

Age (school pupils) and location (near schools).