Market segmentation can be defined as the practice of dividing the target market into approachable groups. It creates subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria used to better understand the target audience. It is an organizational strategy used to break down a target market audience into smaller, more manageable groups. These strategies help the business predict where the products and services are most wanted, allowing for better customer experiences, loyalty, and niche marketing. Market segmentation assumes that different market segments require different marketing programs – that is, different offers, prices, promotion, distribution, or some combination of marketing variables. Market segmentation not only helps to identify profitable segments but also understand audience needs and purchase motivations. The presentation can be informative. Please read through.

Manju VP

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