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Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2]
Target marketing goes against the grain of mass marketing. It involves identifying and selecting specific segments for special attention. [2] Targeting, or the selection of a target market, is just one of the many decisions made by marketers and business analysts during the segmentation process. Examples of target markets used in practice ...
“Micro-segments are homogeneous groups of buyers within the macro-segments” (Webster, 2003). Macro-segmentation without micro-segmentation cannot provide the expected benefits to the organisation. Micro-segmentation focuses on factors that matter in the daily business; this is where “the rubber hits the road”.
Market segmentation: Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, demographic differences (age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in product use.
Segmentation: refers to the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) [25] Targeting: refers to the selection of a segment or segments that will become the focus of special attention (known as target markets). [26]
The conceptual evolution of market segmentation is the cornerstone of precision marketing. In precision marketing, segments could be defined as narrowly as follows: full-time MBA students, married with young children, planning their next vacation. The evolution of segmentation was supported by advancements in technology.
Traditional market segmentation divides the market into four categories of geographic segmentation, demographic segmentation, psychographic segmentation and behavioral segmentation. [5] This approach works well as it groups various customers into segments that have common needs. It would lead to targeting the segment and positioning the product.