What do you mean by ‘Market Segmentation’?

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What do you mean by ‘Market Segmentation’?

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  • 05 Feb, 2019

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The ‘Market Segmentation’ refers to divide the market of prospective customers into different segments, groups and different characteristics. The segments of the prospective customers will respond similarly to the marketing plans, policies and strategies. It is important to define the segmentation to the marketers for the purpose of personalizing the market campaigns. Marketers should use their resources with adequate money and time for the purpose of segmenting the group. They arrange the target market into different segments rather than targeting the customers individually. However, this arrangement of segmentation and grouping allows the marketers to target the customers in a cost effective manner. Further, segmentation reduces the risk of an ineffective marketing campaign by prioritizing the segments of target customers.

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The activity of dividing the consumer market into different sub groups of consumers according to the shared characteristics is known the market segmentation. The segmentation is based on the common characteristics of the individuals such as – common interest, similar demographic profile, shared needs and similar lifestyle. The marketers adopt different ways for segmenting the market. Business to Consumers (B2C) sellers segment the market according to the demographic segments, behavioral segments and lifestyle segments of the consumers. However, Business to Business (B2B) sellers segments the market according to the different types of countries and businesses. The segmentation is not only designed to identify the most profitable segments but also develops the key segments for the purpose of better understanding the needs and buying behavior of the consumers.

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The segmentation is the process where the mass market is divided into different groups with similar wants and needs. In order to achieve superior performance and competitive advantage, a firm should identify the demand of the industry into different segments and develop the marketing mix of these segments. However, market segmentation is also based on the STP approach i.e. Segmentation, Targeting, Positioning. STP approach defines that the target market is divided into different segments and provides the framework of marketing planning objectives.

Segmentation

Targeting

Positioning

·        Characteristics of profile segments

·        Segmentation for the selected base

·        As a target, select one or more segments

·        Evaluation of the attractiveness of segments

·        Developments of the marketing program

·        Position analysis of each segment

     

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