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Market segments for business ideas

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1. What six criteria can be used when identifying and researching potential customer information or market segments for business ideas?

2. Assume your business idea is to open a boutique record shop in the city centre of a major city. Complete this worksheet with the characteristics of the market segments who are most likely to be potential customers of the business.

Segment of the market Segment 1 Segment 2 Segment 3

Geographic characteristics

Area

Density of area

Demographic characteristics

Age range

Income rage

Gender

Occupation

Marital status

Level of education

Home ownership

Psychographic characteristics

Personality type

Socioeconomic profile

Beliefs/ values

Religious beliefs

Lifestyle

Hobbies

Interests and recreation

Stage of life

Reference no: EM132327986

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