There are customer segments with different needs

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Definition: What is market segmentation? Market segmentation is the method by which companies concretely establish their target audience, and then divide this audience into different segments or specific niches. A market segment can be established based on age, geographic location, monthly income, various specific consumer behaviors, religion, marital status, etc. Depending on how varied a business's range of products or services is, it may have one or more market segments. Objectives – Why is market segmentation important? Market segmentation is one of the most important analyzes underlying the marketing mix.


Once the structure of the market is known, it will be much Phone Number Data easier to design the marketing plan, based on the 4Ps: The product/service will be designed in such a way that it takes into account and adapts as best as possible to the needs of the target audience. The price will be set according to the standard of living and financial strength of the segment the company is targeting. Promotion is the stage in which the methods by which the products or services will be made known to potential consumers are established. Placement is where the company's product or service can be purchased.





Identifying different market segments There are four types of market segments: Homogeneous market: there are no essential discrepancies between consumer preferences; Heterogeneous market: there are differences in consumer preferences, but they can be divided into specific segments; Completely heterogeneous market: each potential customer has different needs, so his approach must be customized; Clustered market: There are customer segments with different needs. There are three main criteria that help identify market segments: homogeneity – the common needs of consumers who are part of the segment, distinctiveness – uniqueness from other segments, and responsiveness – how the market responds. Types of market segmentation The market can be divided into five main segments: Demographic segmentation : involves grouping the target audience according to age, gender, social status, income, etc.