All markets are heterogeneous; market segmentation divides them into homogeneous Sub-Units. The market of any product has many segments. It is the aggregate of consumers of a given product. As we know that consumer of a product have varies in needs and characteristics. It means that the market for a product is fundamentally a heterogeneous unit. In order to capture heterogeneous market of any product, a marketer has to divide the market into segments and the process is known as market segmentation. It is a division of a larger market into submarkets based upon different needs or product preferences. An important factor in competitive success is to keep an eye on the little differences that give a marketing edge which is important to customers. People are different to each other’s and they have different needs and requirement and seek different ways to satisfy their needs, nearly all organizations, must use a Market Segmentation approach to target marketing. This approach divides markets into segments according to similar characteristics and needs. Markets can be segmented or targeted on several of factors including, Psychographic, behavioral, geographic and demographic.
Segmentation – target market
Market Segmentation is an art of dividing into segments according to the similar characteristics and needs. It is important for a business because it maintain wide range products for varied market. A marketing plan helps establish, organize, and integrate marketing efforts. It forces the organization to take a good, hard look at the current marketing situation. Marketing plans helps to keep the organization on the right path as it is a critical part of the business plan. Market segmentation is a process of dividing a market into different homogeneous groups of consumers. Targeting or target marketing then involves deciding which customer segments the company will focus on. Marketing...