4 Types of market segmentation

Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs or characteristics. There are four main types of market segmentation: demographic, geographic, psychographic, and behavioral. Demographic segmentation is based on characteristics such as age, gender, income, and education. Geographic segmentation divides the market based on location, such as region, climate, or population density. Psychographic segmentation is based on personality, values, attitudes, and interests. Behavioral segmentation is based on consumer behavior, such as purchase history, brand loyalty, and usage rate.