Define market segment?
Companies could not reach all customers in extensive or diverse markets. But they can divide such markets into groups of consumers or into categories with specified needs and desires.
The market segment is part of the market that identifies specific customers with specific purchasing features. Discriminating and fulfilling the right market segments is often the key to marketing success. A company needs to identify market segments that can assist successfully. This decision needs a good awareness of consumer behaviour and cautious strategic thinking. In order to develop the finest marketing plans, managers need to figure out what makes each segment unique and different. A market segment includes a group of customers who share a similar set of needs and desires. It is the responsibility of the marketer to identify the appropriate number and nature of market segments and to decide which ones to target. This segment includes:
- Geographic Segmentation
- Demographic Segmentation
- Psychographic Segmentation
- Behavioural Segmentation
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