What is market segmentation?

As you are answering this question this week, remember that market segmentation is the process of dividing a potential market into groups or subsets of consumers (with commonalities). This can be based on factors such as geography, demographics, sociocultural, etc.

A good example to think about (that everyone wears) shoes--

There are segments based on:

• Geography:Do people living in Arizona wear the same types of shoes as someone living in Washington?
• Demographics:Do males and females wear the same shoes? Does a 15 year old wear the same types of shoes as a 50 year old?
• Sociocultural:The main concept to keep in mind here is the family life cycle. Would young single people buy the same type of shoes as a married couple with three kids? (Think single 21 year female and 35 year old soccer mom with 3 kids).

After looking at this information please make sure that your answer describes which factors your segments represent and provide examples.