Marketing91

  • HOME
  • Marketing Concepts
    • Marketing
      • Retail Tutorials
      • Market Research
      • Customer Management
    • Strategy
    • Management
    • Advertising
    • Branding
    • Business
    • Finance
    • Sales
    • Career Guidance
  • Digital Concepts
    • Blogging
    • Search Engine Optimization
    • Social Media Marketing
    • Facebook Marketing
    • Internet Marketing
    • Ecommerce
  • Brands
    • Marketing Mix of Brands
    • SWOT analysis of Brands
    • Brands Strategy Analysis
    • Business Models
    • Brand Competitors
    • TOP 10
  • Courses
Home » Marketing » Market Segmentation

Market Segmentation

May 21, 2018 By Hitesh Bhasin Tagged With: Marketing

Market segmentation is the identification of the portions of the market that are different from one another. Market Segmentation allows the firm to better satisfy the needs of its potential customers.

Let us take a simple day to day life example and clearly understand what segmentation means. Each parent would like the teachers to give personal attention to their wards. This is practically not possible if all the children are asked to sit in the same class with various subjects. Thus to facilitate this the class is further segmented according to subjects.

On the same philosophy, as the business or the organization cannot meet the needs of each and every individual in the market, the market is segmented in to meaningful, relatively similar and identifiable groups, the purpose of which is to enable the marketer to tailor marketing mixes to meet the needs of one or more specific groups. These groups are known as segments and this process is known as market segmentation.

The total market for a good or service consists of all the people and/or organizations that desire it, have resources to make purchases, and are willing and able to buy. Firms often use market segmentation – dividing the market into subsets of customers that behave similarly. The development of a market segmentation strategy consists of three general phases: analyzing consumer demand, targeting the market, and developing the marketing strategy.

1. The firm determines demand patterns, establishes bases of segmentation, and identifies potential market segments.

2. The firm targets the market through undifferentiated marketing (mass marketing), concentrated marketing, or differentiated marketing (multiple segmentation).

3. The firm then positions it’s offering relative to competitors and outlines the appropriate marketing mix. Meaningful product differentiation is essential.

Share this post:

Share on Facebook Share on Twitter Share on LinkedIn Share on Email Share on WhatsApp
Marketing91 Courses

Related posts:

  1. 4 types of Market segmentation and how to segment audience with them?
  2. The 7 Steps of Market segmentation – Process of segmentation
  3. Beginners guide to Market segmentation
  4. 6 Types Of Customer Segments to Target
  5. How to choose a Market segment? 5 approaches to Choosing a market segment.
  6. How to decide your segmentation strategy? And which segment to target?
  7. Market Demand: Definition, Examples and How to Calculate
  8. Marketing Communication: Meaning & Types of Marketing Communication
  9. 6 Advantages of Segmentation
  10. Criteria’s for market Segmentation

What Do You Want To Learn About? (Start Here)

  1. Marketing Hub
  2. Management Hub
  3. Marketing Strategy
  4. Advertising Hub
  5. Branding Hub
  6. Market Research
  7. Small Business Marketing
  8. Sales and Selling
  9. Marketing Careers
  10. Customer Management
  11. Top 10 Lists
  1. Internet Marketing
  2. Blogging
  3. Search Engine optimization
  4. E-commerce
  5. Facebook Marketing
  6. Social Media Marketing
  7. Business Model of Brands
  8. Marketing Mix of Brands
  9. Brand Competitors
  10. Strategy of Brands
  11. SWOT of Brands
GET DAILY MARKETING UPDATES

About Hitesh Bhasin

I love writing about the latest in marketing & advertising. I am a serial entrepreneur & I created Marketing91 because I wanted my readers to stay ahead in this hectic business world.

Comments

  1. isabirye edrisa says

    thanks

    Reply
  2. Kishor says

    wonderful article

    Reply
  3. Abhishek Pandey says

    Thanks alot sir for this wonderful knowledge on business buzz.
    It helps me to stay ahead.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement
Recent Posts
  • Churn Rate – Definition, Advantages and Examples
  • Comfort Letter – Definition, Types, Template and Examples
  • Delta Model – Definition, Importance and Case Study
  • Channel Strategy – Definition, Creation and Types
  • Hedonic Pricing – Advantages and Disadvantages
Advertisement

Marketing91

MORE INFO

  • About Marketing91
  • Privacy Policy
  • Cookie Policy
  • Disclaimer
  • Terms of Use
  • Advertise
  • Contact us
  • Sitemap
  • ISO 9001:2015 Certified

LEARNING SERIES

  • What is Communications
  • Types of Communication

WE WRITE ON

  • Marketing
  • Small Business
  • Management
  • Internet Marketing
[email protected]

Copyright © 2022 Marketing91 All Rights Reserved