Market Segmentation || Check Description for full Book video Series ||





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Market Segmentation | Meaning | Definition | Benefits | Limitation | Factor affecting market Segmentation | Types or basis of Market Segmentation.


Meaning


Segmentation is essentially the identification of subsets of buyers within a market that share similar needs and demonstrate similar buyer behaviour. The world is made up of billions of buyers with their own sets of needs and behaviour. Segmentation aims to match groups of purchasers with the same set of needs and buyer behaviour. Such a group is known as a β€˜segment’.


The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics is called Segmentation. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.


Defination


Market Segmentation is the subdividing of customers into homogenous sub-set of customers where any sub-set may conceivably selected as market target to be reached with distinct Marketing Mix

-Philip Kotler


Market Segmentation consists of taking the total heterogeneous market for a product & dividing into several submarket of segments, each of which tends to be homogenous in full significant aspects

– William Stanton


Benefits:

The Organisation gets to know its customers better.

Provides guidelines for resource allocation.

It helps focus the strategy of the organisation


Limitations:

1) Targeting multiple segments increases marketing costs.

2) Segmentation can leaAd to proliferation (large No. ) of products.

3) Narrowly segmenting a market can hamper the development of broad-brand equity.

4) Sometime Dont achive the desire goal


Four basic factors that affect market segmentation are1.) Clear identification of the segment,

2.) Measurability of its effective size,

3.) Its accessibility through promotional efforts, and

4.) Its appropriateness to the policies and resources of the company.


Type or Basis of Market Sagmentation


A.) Demographic Environment

B.) Geographic Segmentation


C.) Psychographic Segmentation


D.) Behavioral Segmentation .


Tags


digitalmarketing.com,

griddigitalmarketing.com,

impdigital.co,

mabbly.com,

sirendigital.co

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