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Market segmentation can be defined as the division of a market into smaller segments of buyers with distinct needs, characteristics or behaviours that might require separate marketing strategies or mixes. Psychographic segmentation is a mechanism of market segmentation that is utilised to divide the heterogeneous whole market into submarkets whereby each individual shares homogenous traits, socioeconomic statuses, personality or behavioural characteristics. The luxury goods industry is a market that consists of copious products that present themselves as being of superior quality and functionality in juxtaposition to competitors, while also attaining esteemed regard and a high perceived quality by consumers in the market

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