Market segmentation and Market targeting.

Market segmentation

Market segmentation is very significant aspect of the overall marketing strategy of a business. The formation of successful marketing strategy requires companies to identify their target market and this is where the mark segmentation comes in. Market segmentation is basically an approach that companies follow to divide the market into well defined small groups or segments on the basis of some common characteristics.

Market segmentation is extremely important for companies because it is not possible to fulfill the requirements of all customers with a single or limited number of products/services and by communicating the same set of messages to all. People have varied requirements, interests, preferences and objectives; hence, the companies need to chose different approaches to cater to the different types of customers, taking into account their traits and attributes.

There are primarily four ways in which the market may be segmented. These are:

1. Demographically: Companies segment customers on the basis of their age, race, gender, nationality, religion, _______ ______ __________ ______ ______ ______ _______ _______ ___ ______ ____.
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