Market Segmentation is the concept that is utilized by the firms to narrow down the target segments of a consumer. For example, if a beverage company wants to launch a product, they have to identify the right consumer segment first. Similarly, if a shoes company wants to launch running shoes, then they have to identify the right segment. It is an important concept in the area of marketing because it helps the company identify the right set of customers.
Behavioral: It includes dividing the customers on the basis of their behavior.For example, dividing on the basis of attitude towards a product, loyalty, rate of usage and knowledge of the product.
Geographic: It is the segmentation technique that is entirely based on the Geography.Products differ with the different geography, and a product might not be suitable for both places at the same time.
Cultural Segmentation: In this method product is designed and launched according to the existing culture.For example,in UAE it is not beneficial for the companies to launch a liquor brand as it is prohibited in the country.Planning such a product is a waste of time and effort.
Sole purpose of segmentation is to increase the profit in a particular set of consumers.The pool of people should be large enough to generate revenues.With the help of marketing segmentation assignments, you will master the technique.Primary aim of our tutors is to help you understand your Marketing assignment.
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