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Market segmentation is the process of dividing the target market into smaller groups according to common characteristics like age, income, personality traits, behavior, interests, demands, or location. Understanding market segmentation is crucial for targeting your sales, marketing, and product strategies. It might be useful in creating product offerings for various groups of people, such males and women or the wealthy and the impoverished.
Majorly there are four types of market segmentation. These include the following:
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