What Is The Importance Of Market Segmentation?
What Is The Importance Of Market Segmentation?
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Pallavi Kamat
Market segmentation is a process of dividing a population into small well defined groups on the basis of some common characteristics. Following are some benefits of market segmentation:
1. Market competitiveness: Having well defined segments enables you to focus your marketing efforts in a particular direction that you want to.
2. Market expansion: When you are aware about the different segments that exist for your product, you can decide on which segments you want to focus now and later for expanding your market.
3. Focused customer service: Since you have well defined segments, you will analyze the segment that you want to make your target market to be able to cater to them better. Knowing the target segment you will ensure your product satisfies their needs.