Explain the term Geographic segmentation?
Market segmentation is the method of separating the market into different parts. This is to identify potential customers to purchase specific products. Most organizations do not have all the resources to meet the needs of all customers.
Geographic segmentation is a market segmentation strategy that classifies the market on the basis of regions or geography. It can be categorized by parameters such as countries, states, cities, villages, urban or rural, climatic conditions, and population density. This type of segmentation helps to reach customers who live in similar areas and have similar needs. Geography is well defined by boundaries, climate, and topography, making it easier for companies to identify potential customers. Densely populated areas lead to greater marketing potential for a company to offer products or services.
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