Question

what do you mean by market segmentation???? discuss in detail various bases of market segmentation.

Answer 1

it is actually dividing consumers or the business market into sub-groups based on some characters.

A number of customer characteristics, known assegmentation bases, can be used to define market segments. Some commonly used bases include age, gender, income, geographical area, and buying behavior.

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Answer 2

Market Segmentation is a process of dividing the market of potential customers into different groups and segments on the basis of certain characteristics. The member of these groups share similar characteristics and usually have one or more than one aspect common among them.



There are many reasons as to why market segmentation is done. One of the major reasons marketers segment market is because they can create custom marketing mix for each segment and cater them accordingly.

The concept of market segmentation was coined by Wendell R. Smith who in his article “Product Differentiation and Market Segmentation as Alternative Marketing Strategies” observed  “many examples of segmentation” in 1956. Present day market segmentation exists basically to solve one major problem of marketers; more conversions. More conversion is possible through personalized marketing campaigns which require marketers to segment market and draft better product and communication strategies according to needs of the segment.

BASIS OF MARKET SAGMENTATION
1.) gender
2.) age group
3.) income
4.) place
5.) occupation
6.) usage
7.) lifestyle
TYPES OF MARKET SEGMENTATION
1.) demographic
2.) geographic
3.) psychographic
4.) behavioral