(d) Briefly explain how you can segment markets for consumer goods. 16 marks]

Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs. In the context of consumer goods, market segmentation can be done in several ways:<br /><br />1. **Demographic Segmentation**: This involves dividing the market based on variables such as age, gender, income, occupation, education, and family size. For example, a company might target its products towards young professionals or families with high incomes.<br /><br />2. **Geographic Segmentation**: This approach divides the market based on geographical areas such as cities, regions, countries, or climates. Businesses might tailor their marketing strategies to suit the specific needs and preferences of consumers in different locations.<br /><br />3. **Psychographic Segmentation**: This method segments the market based on lifestyle, personality traits, values, attitudes, and interests. It allows businesses to target consumers who have similar psychographic profiles.<br /><br />4. **Behavioral Segmentation**: This type of segmentation divides the market based on consumer behavior, such as purchase frequency, brand loyalty, and usage rate. For instance, a company might focus on loyal customers who frequently purchase its products.<br /><br />5. **Benefit Segmentation**: This approach groups consumers based on the benefits they seek from the product. For example, a company might target consumers who value eco-friendly products or those looking for high-quality items.<br /><br />Each of these segmentation methods can help businesses identify and target specific groups of consumers more effectively, allowing for more personalized marketing strategies that can increase customer satisfaction and loyalty.