A great deal of marketing research is conducted to determine the size of various market segments. not only are managers interested in knowing the size of a market segment but also-If that segment is growing or shrinking and how well competitors are fulfilling the wants and needs of that segment.
Market segmentation is a development of market research that aims to pinpoint specific customer groups in order to develop products and branding that appeal to the group.
To identify the ideal target market, markets can be segmented in a variety of ways. Demographic, psychographic, behavioral, geographic, and firmographic segmentation are the five categories of market segmentation.
Perfect competition, oligopoly, monopoly, and monopolistic competition are the four most common types of market arrangements.
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