A market segment is a small unit within a large market comprising of like minded individuals. x��\[o�F��������ΐ�gq�.�n���=��Z�e"��J����oy��%�:X�er.���7��y���v5$�|���0����&�������\}y����]��v�����˫ׯ�|��&mLru���J2�O%�N3]$���ʾ��*K����_��x�,��seݮ_���b�M�_�����\�Mb�T�[��,����N}������+d���?��{��׀e˅��n�忓��_�zo &��!Ѻ(SӄD��M�]����#��Nʣ���~l��2�=���wS��w�L�#N�,��կ�)55�1i���p��>��Q1M�my@5n�@ǖ���u�VE P�2�;�0u�UV4V�����ۿ��,�Tq,����wɛ ׹|���9�9L٤U]0��k�V$�4��W�>��w~~g�y�(q�R�Sl�U�~ 'yƦ��. Individuals are classified into segments according to their monthly earnings. We are a ISO 9001:2015 Certified Education Provider. Segmentation refers to a process of bifurcating or dividing a large unit into various small units which have more or less similar or related characteristics. Market Segmentation Market segmentation is the division of a market into different groups of customers with distinctly similar needs and product/service requirements. •Management can do a better marketing job. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> endobj Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. Or to put it another way, market segmentation is the division of a mass market into identifiable and distinct groups or A marketer can’t have similar strategies for individuals living at different places. •Develop strong positions in spealized market segment. The individuals from the same segment respond in a similar way to the fluctuations in the market. 1 0 obj Marketer will identify the customer need and want then only decide if it is practical to develop marketing mix to satisfy those wants. Academia.edu is a platform for academics to share research papers. Market Segmentation When the term “market segmentation” is used, most of us immediately think of psychographics, lifestyles, values, behaviors, and multivariate cluster analysis routines. The individual’s attitude, interest, value help the marketers to classify them into small groups. 3 0 obj Market segmentation is a much broader concept, however, and it pervades the practice of business throughout the world. Nestle promotes Nescafe all through the year in cold states of the country as compared to places which have well defined summer and winter season. Market segmentation can also be as per the marital status of the individuals. Both men and women have different interests and preferences, and thus the need for segmentation. As a result, this is known as a „segmenting‟. Division on the basis of age group of the target audience is also one of the ways of market segmentation. One market segment is totally distinct from the other segment. What is market segmentation? The basis of such segmentation is the lifestyle of the individuals. •Market segmentation is customer-oriented. © Management Study Guide So, market segmentation assumes that different segments require A market segment comprises of individuals who think on the same lines and have similar interests. Pantaloon, Carrefour, Shopper’s stop target the high income group as compared to Vishal Retail, Reliance Retail or Big bazaar who cater to the individuals belonging to the lower income segment. Organizations need to have different marketing strategies for men which would obviously not work in case of females. Market segmentation 223 globalization of business expands the scope of operations and requires a new approach to local, regional and global segments. Geographic segmentation refers to the classification of market into various geographical areas. Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference. %PDF-1.5 Keywords: market segmentation; customer classification; marketing INTRODUCTION he world is made up of many different consumers, each with their own set of needs and behaviors. The loyalties of the customers towards a particular brand help the marketers to classify them into smaller groups, each group comprising of individuals loyal towards a particular brand.

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