Question

Companies like State Farm, a leading property and casualty insurance company, believe that the best way to create relationships with customers is to join them in activities they enjoy. Which type of market segmentation best captures this combination of age and interest in contemporary or alternative music

Answer 1

The type of market segmentation best captures the combination of age and interest in contemporary or alternative music is called "Demographic segmentation marketing".

What is market segmentation?

Market segmentation is to pinpoint specific customer groups so that merchandise and branding can be tailored to appeal to them. There are many different ways to segment markets, including geographically, demographically, or behaviorally.

What is Demographic segmentation marketing?

By focusing on characteristics like age, gender, income, occupation, and family status, demographic segmentation separates current and potential customers into groups.

The importance of Demographic segmentation marketing are-

• You can target your marketing strategy more precisely with demographic segmentation.
• It aids in vision clarification, gives future advertising plans more focus, and helps you make the most of your time, money, and resources.
• You should target this group if the average age of your customers is between 20 and 35.
• Companies can better grasp their potential markets thanks to these smaller sectors, which also helps them manage their time and resources.

To know more about the Market Segmentation, here

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