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Market Segmentation

Market segmentation involves dividing the total market for a product or service into distinct segments based on certain characteristics. This allows companies to target each segment separately using a tailored marketing mix. Philip Kotler defined it as dividing a market into groups of buyers with distinct needs or characteristics that require separate products or marketing mixes. The goal of segmentation is to increase sales and better satisfy consumer groups by understanding their unique needs and expectations. Common bases for segmentation include demographics, user status, location, and purchase behavior.

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Prashant Gupta
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13 views

Market Segmentation

Market segmentation involves dividing the total market for a product or service into distinct segments based on certain characteristics. This allows companies to target each segment separately using a tailored marketing mix. Philip Kotler defined it as dividing a market into groups of buyers with distinct needs or characteristics that require separate products or marketing mixes. The goal of segmentation is to increase sales and better satisfy consumer groups by understanding their unique needs and expectations. Common bases for segmentation include demographics, user status, location, and purchase behavior.

Uploaded by

Prashant Gupta
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Market Segmentat|on

Meanlng of MarkeL SegmenLaLlon


MarkeL SegmenLaLlon means dlvldlng LoLal markeL for a producL or servlce lnLo dlfferenL
parLs/segmenLs on cerLaln basls and uslng each segmenL fully for Lhe purpose of markeLlng and
sales promoLlon uue Lo segmenLaLlon each segmenL wlll have a unlform feaLures and a
sulLable markeLlng mlx can be lnLroduced for promoLlng sales ln each segmenL
hlllp koLler has rlghLly polnLed ouL LhaL markeLs conslsL of buyers and buyers dlffer ln one or
more respecLs 1hey may dlffer ln Lhelr wanLs resources geographlcal locaLlon buylng
aLLlLudes and buylng pracLlces Any of Lhese varlables can be used Lo segmenL ln Lhe markeL
MarkeL segmenLaLlon ls a new cusLomer orlenLed phllosophy and ls conslsLenL wlLh modern
markeLlng concepL lL sLudles needs and expecLaLlon of dlfferenL consumer groups and provlde
someLhlng for everybody 1hls promoLes sales and also offers more saLlsfacLlon Lo buyers of
LhaL group
ueflnlLlon
1) Accordlng Lo hlllp koLler MarkeL segmenLaLlon means Lhe acL of dlvldlng a markeL ln
Lo dlsLlncL groups of buyers who mlghL requlre separaLe producLs and/or markeLlng
mlxes"
2) Accordlng Lo Wllllam SLanLon MarkeL segmenLaLlon ls Lhe process of dlvldlng Lhe LoLal
heLerogeneous markeL for a good or a servlce lnLo several segmenLs each of whlch
Lends Lo be homogeneous ln all slgnlflcanL aspecLs"
eatures of Market Segmentat|on
a) D|v|d|ng the tota| market MarkeL segmenLaLlon ls dlvldlng Lhe LoLal markeL lnLo small
parLs on cerLaln welldeflned bases
b) Market|ng ob[ect|ves 1he alm of markeL segmenLaLlon ls sales promoLlon consumer
saLlsfacLlon and achlevlng Lhe markeLlng ob[ecLlves
c) D|v|s|on |nto submarkets SegmenLaLlon ls Lhe process of dlvldlng Lhe LoLal markeL lnLo
a number of submarkeLs for efflclenL markeLlng
d) at|ona| segmentat|on SegmenLaLlon ls useful for selecLlng LargeL markeL and
promoLlng sales ln LhaL speclflc markeL by uslng an approprlaLe comblnaLlon 4 s
e) Sa|es romot|on SegmenLaLlon faclllLaLes Lhe lnLroducLlon of sulLable markeLlng mlx for
each segmenL ln order Lo promoLe sales ln each segmenL
f) @arget strategy MarkeL segmenLaLlon ls beLLer Lhan markeL aggregaLlon as Lhe currenL
markeLlng Lrend ls shlfLlng from mass markeLlng sLraLegy Lo LargeL markeLlng sLraLegy
-eed or Market|ng Segmentat|on

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