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… Market Segmentation – Concept behind Segmentation in Marketing It is a process of breaking down a large widely varied market into submarkets or segments that are more similar than dissimilar in terms of what the consumer is looking for or is presumed to be looking for. Moreover, busi-nesses that have not traditionally embraced mar-keting in general or segmentation in particular, see it … The marketing theory demonstrate that to develop a successful marketing strategy correctly, service marketers must develop segmentation strategies based on the attributes and behaviour patterns of target customers. Market Segmentation – Concept behind Segmentation in Marketing It is a process of breaking down a large widely varied market into submarkets or segments that are more similar than dissimilar in terms of what the consumer is looking for or is presumed to be looking for. It is defined as an area where a large number of shops sell a particular product. Illustrate how the use of perceptual maps can assist the Psychographic Segmentation 4. What is market segmentation? The market for a product or service is generally heterogeneous father than the homogeneous mass of customers. CONTENTS UNIT – I Lesson 1.1 Introduction to marketing Lesson 1.2 Marketing concepts Lesson 1.3 Marketing process Lesson 1.4 Marketing environment Lesson 1.5 Buyer Behaviour Lesson 1.6 Market segmentation, targeting and positioning Lesson 1.7 Introduction to marketing mix Answer key Glossary of terms References Marketing Concept Offer goods and services that fit into the lives of individuals. Explain how market segmentation can be undertaken in both consumer and business-to-business markets. Behavioristic Segmentation 5. Moreover, busi-nesses that have not traditionally embraced mar-keting in general or segmentation in particular, see … Market segmentation is the process of splitting a market into smaller groups with similar product needs or identifiable characteristics, for the purpose of selecting appropriate target markets. Marketing Concept Offer goods and services that fit into the lives of individuals. Target Market A market is a set of all actual and potential buyers A target market is a group of people toward whom a firm markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences. Market Segmentation When the term “market segmentation” is used, most of us immediately think of psychographics, lifestyles, values, behaviors, and multivariate cluster analysis routines. Any marketing strategy must include a detailed (specific) description of this. You're not signed up. Explain the characteristics and differences between market segmentation and product differentiation. Market segmentation 223 globalization of business expands the scope of operations and requires a new approach to local, regional and global segments. Benefit Segmentation. Product-space Segmentation 7. Any marketing strategy must include a detailed (specific) description of this. Demographic Segmentation 3. Explain the concept of positioning. Advantages of Segmentation 1. What is market segmentation? Describe different targeting strategies. Market segmentation 223 globalization of business expands the scope of operations and requires a new approach to local, regional and global segments. ADVERTISEMENTS: Some of the major bases for market segmentation are as follows: 1. Don’t attempt to change the lives of individuals so that they fit the offering. The concept of market segmentation was introduced half-a-century ago by Wendell Smith (1956), as an "alternative marketing strategy" in an environment where diversity had become the market habit, and defined as a subject of "viewing a heterogeneous market as a number of smaller homogeneous markets, in response to references differences, attributable to desires of consumers for more particular … For example, Mahatma Phule market in Pune is a retail market of vegetables and Dalai Street in Mumbai is the stock exchange market. Market Segmentation When the term “market segmentation” is used, most of us immediately think of psychographics, lifestyles, values, behaviors, and multivariate cluster analysis routines. Advantages of Segmentation 1. Explain the characteristics and differences between market segmentation and product differentiation. Market segmentation also reduces the risk of an unsuccessful or ineffective marketing campaign. Market segmentation is important because it helps you understand the subgroups that make up your audience so you can tailor your products and your marketing.