Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.
Beside this, what are the 4 types of market segmentation?
The following sections provide a detailed description of the most common forms of consumer market segmentation.
- Geographic segmentation.
- Demographic segmentation.
- Psychographic segmentation.
- Behavioral segmentation.
- Other types of consumer segmentation.
- Criteria for evaluating segment attractiveness.
What is a segmentation strategy in marketing?
Approaches to subdivision of a market or population into segments with defined similar characteristics. Five major segmentation strategies are (1) behavior segmentation, (2) benefit segmentation, (3) demographic segmentation, (4) geographic segmentation, and (5) psychographic segmentation.
What is a target marketing strategy?
A target market is a defined group most likely to buy a company's product or service. There are different types of target market strategies as well. They are focusing on an entire market with one marketing mix, concentrating on one segment, and targeting many segments with multiple marketing mixes.