March 11, 2018

What is Market Segmentation and How it Affects Economy?

Segmentation is the process of dividing a heterogeneous market into different homogeneous segments to facilitate the marketing of products in the target market. Market segmentation helps the marketers to formulate and implement relevant strategies to promote their products. A market segment consists of consumers who have similar choices, interests and preferences. They generally possess similar perceptions and are interested in buying similar products. Through a process of segmentation, firms can