Why Is Market Segmentation Required?
By dividing the market into segments, the marketer is better able to know which market segment is going to be the most profitable for him. He is also able to fulfill the needs of the consumers in that segment.
What Is The Market Segmentation Process ?
Segmentation is a long process involving Sales Analysis, Consumer Buying Behaviour trends, Interviews, Focus Groups Online research and/or utilizing the services of a market research firm. This process entails a huge cost and therefore, the marketer should avoid unnecessary data collection. Precise data analysis, leading to the right target market followed by the right communications-mix strategy is the key to enter the mind space of the consumers.