GENERAL KNOWLEDGE

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 the process of dividing the market into subsets of customers who share common characteristics. The four pillars of segmentation marketers use to define their ideal customer profile (ICP) are demographic, psychographic, geographic and behavioral.

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.