Market segmentation means dividing consumers according to their wants, income, and geographic location.

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Market segmentation is the process of dividing a market into groups of consumers who have similar needs or characteristics, such as demographics (e.g. age, gender, income, education), psychographics (e.g. personality, values, lifestyles) or geographic location (e.g. region, country, city). By identifying these segments, companies can tailor their marketing efforts to specific groups, and develop products, services, and promotional strategies that meet their unique needs and preferences.

Market Segmentation Means Dividing Consumers According to Their Wants, Income