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Understanding Market Segmentation Strategies

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Dilshi Vishara
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6 views2 pages

Understanding Market Segmentation Strategies

Uploaded by

Dilshi Vishara
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Marketing – tute 3

Market Segmentation
Market segmentation is a fundamental concept in marketing that involves dividing a broad target market into
subsets of consumers who share common characteristics. This strategic approach allows businesses to tailor
their products, services, and marketing efforts to the specific needs, preferences, and behaviors of different
customer groups. By understanding and implementing effective market segmentation, organizations can
enhance their customer engagement, improve their competitive positioning, and ultimately drive sales growth.

Market segment is a part of a whole market where a particular customer group has similar characteristics.

Methods of Market segmentation

Market
segmentations

Geographical Demographical Lifestyle

age

gender

income

social class

ethnic origin

religion
Benefits of market Segmentation
• Increasing revenue - Producing different products for different market segments can increase the
revenue of the business. E.g.; airline passenger classes
• Having loyal customers – designing and making products specifically for customers.
• Avoid wasting promotional resources – targeting customers who are really interested in the business
products.
• Can market wider range of goods

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