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Top Market Strategy by Elizabeth Rush Kruger

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1.3 Market Segmentation

The market of a business consists of all who have the desire, authority, and ability to buy from the business, either now or in the future. Market segmentation divides the market into distinct market segments and describes their distinguishing characteristics. Members of a market segment are homogeneous (i.e., similar) to one another, yet heterogeneous (i.e., distinct) relative to other market segments. Market segmentation can divide customers into market segments by their demographic, geographic, psychographic, or behavioral characteristics (Table 2).

Behavioral segmentation is more direct and actionable than other approaches ...

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