Simple question on market segmentation (for my GCSE course)?

[bob j]

what is meant when a market is segmented into "ethnic group" and "socio-economic" group ?

[RUSSELL H]

ethnic group as in your race,creed or colour and religion! social as in yes you are social or no your not so chew on that but seriously to break the ice it essentially means are you in or are you out!

[Guillem T]

It means the market is parcelled in groups or sections according to the different ethnic groups, socio-economic groups etc, observed in a given society. This is to study specifically their necessities, requirements and other factors.

[Biz Advisor]

Segment the market into
- ethnic group - religion, color or national origin
- socio-economic group - similar social and economic group: eg middle class, rich, poor

The purpose of market segmentation is to ensure that you target your specific market: e.g. no point trying to market an expensive luxury car to someone who can't afford to buy.