Title: What is market segmentation and why is it crucial for your business?
Headings: What is market segmentation and is it crucial for your business?
What is market segmentation and is it crucial for your business?
Find out the definition marketing segmentation, how it is applied in a business context, how you can segment a market and gain a perspective of the historical and current iterations of marketing segmentation
What is market segmentation?
Why does market segmentation matter?
Advantages of market segmentation
Provides direction
Value creation
Competitive edge
Disadvantages of market segmentation
Objective approach and generalisation
How to segment a market/markets
Target marketing strategy
Undifferentiated or Mass Targeting:
Concentrated or Niche Targeting:
Differentiated or Multi-Segment Targeting:
Customised or Micro-Marketing
Step 3. Positioning
A history of market segmentation
Industrial revolution and development
Early developments and theories
Role of market segmentation in the present era
Elementary marketing tool
Market penetration

Content: You will want information about which benefits and features matter to customers, and data on emerging social, economic and technological trends that may alter purchasing and usage patterns. Effective segmentation need to be dynamic in two ways and need to be redrawn as soon as they lose their relevance. The first way is, they should concentrate on the needs and behaviours which are rapidly evolving, rather than personality traits, which frequently persist through a person’s life. The second way is that segments are being rapidly reshaped by technology, fluctuating economics, and new consumer niches. If a company, business or firm ignores market segmentation and ignores their target customer, there is nothing to sell and nobody to sell to. A good market strategy and thus a proper segmentation can increase your competitiveness, brand recall, customer retention, communications and expand your market. In summary – Target the right segment, and you will walk away with a better company and higher profitability. Advantages of market segmentation
Ultimately, market segmentation adds to a business’ ability to cater to diverse needs of a considerably sized consumer market, where various sections of consumers may have varied needs, interests and perceptions of different products and services. Market segmentation is vital for every business, which is why some entrepreneurs would opt to take up a marketing fundamentals at an educational level. Taking into consideration different conclusions derived through market segmentation, businesses can allocate their resources to develop a marketing mix in coherence with the demands and requirements of their target consumers.