1. Define the swot analysis

3. What is the market segmentation and its role in business?
Market segmentation is the process of breaking down a big, homogeneous market of potential customers into distinct divisions. Customers are split into groups based on whether or not they meet particular criteria or have comparable traits that lead to them having similar product requirements. Customers who respond similarly to marketing efforts are divided into segments.
They share common interests, needs, wants and demands.
Most businesses lack the financial means to reach a large audience. As a result, they must focus on a certain market niche that requires their product. Market segmentation divides the market into similar and identifiable parts.
What are the many types of market segments that a corporation can have?
Geographic - based on the location of the land, whether rural or urban
Age, gender, income, occupation, education, and nationality are all considered demographic factors.
Psychographic – determined by social standing, lifestyle, and personality.
Behavioral – based on product usage frequency, brand loyalty, consumer behavior, price sensitivity, and technology adoption.
Market segmentation facilitates the development of highly focused and effective marketing strategies and plans by marketing teams.

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  Greater company focus
  

It is easier for a corporation to focus on the market segments they want to target with specific products, services, content, blogs, and campaigns once specific market segments have been defined. When a corporation focuses on certain segments, it ensures that the proper segment is targeted with the right product, resulting in the best ROI.

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  Better serve a customer’s needs and wants
  

Companies can serve a variety of customer wants by offering different bundles and incentives when they have defined segments. For different segments, different kinds and promotional activities will be used, depending on their needs, wants, and characteristics.

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