BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on shared characteristics.

Detailed explanation-2: -Philip Kotler: “Market Segmentation is the sub-dividing of a market into homogeneous subsets of customers, where any subset may conceivably be selected on a market target to be reached with a distinct marketing mix.”

Detailed explanation-3: -What Are the Types of Market Segmentation? Types of segmentation include homogeneity, which looks at a segment’s common needs, distinction, which looks at how the particular group stands apart from others, and reaction, or how certain groups respond to the market.

Detailed explanation-4: -Market segmentation is a process of dividing a heterogeneous market into relatively more homogenous segments based on certain parameters like geographic, demographic, psychographic, and behavioural.

Detailed explanation-5: -Market segmentation is a marketing strategy that uses well-defined criteria to divide a brand’s total addressable market share into smaller groups. Each group, or segment, shares common characteristics that enable the brand to create focused and targeted products, offers and experiences.