There are three main ways of segmenting the total population of a market to come up with a target market:
1. Demographic Factors (age, gender, income)
2. Geographic Factors (location)
3. Psychographic Factors (personality factors, social / religious beliefs, lifestyle factors).
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Personality Factors: The last way a business can segment the total population is through personality factors. These factors can include one's personality, social beliefs or lifestyle. Fitness and diet-related companies use this factor to come up with the target market for their products (e.g. a different product for those new to fitness, and a more high-performance product for elite athletes).