Developing a specific set of qualitative and quantitative criteria can help a manager identify and define the markets in which the firm wants to compete.
Market segmentation, at its core, is the strategy of breaking your target market into digestible segments. Market segmentation divides a market into subsets based on demographics, requirements, goals, similar interests, and other psychographic or behavioral characteristics that help the target audience be better understood.
Understanding your market segmentation allows you to use this targeting in your product, sales, and marketing initiatives. Market segmentation can fuel your product development cycles by informing how you generate product offers for distinct groups such as men vs. women or high vs. low income.
Hence, the answer is a specific set of qualitative and quantitative criteria.
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