List and explain four factors to be considered in segmenting a market?

Question: List and explain four factors to be considered in segmenting a market?

Segmenting a market is the process of dividing a group of potential customers into smaller and more homogeneous subgroups based on their characteristics, needs, preferences, and behaviors. There are four main factors to be considered in segmenting a market: 

- Measurability: The size, purchasing power, and profile of the segments should be measurable and quantifiable using reliable data sources. 

- Accessibility: The segments should be reachable and serviceable through effective marketing channels and communication methods. 

- Substantiality: The segments should be large and profitable enough to justify the costs of targeting and serving them. 

- Differentiability: The segments should be distinct and responsive to different marketing strategies and offers.

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