Market Segmentation – Definition, Bases, Types & Examples | Feedough
What is Market Segmentation?
Market Segmentation is a process of dividing the market of potential customers into different groups and segments on the basis of certain characteristics. The member of these groups share similar characteristics and usually have one or more than one aspect common among them.
There are many reasons as to why market segmentation is done. One of the major reasons marketers segment market is because they can create custom marketing mix for each segment and cater them accordingly.
Bases of Market Segmentation
Segmenting is dividing a group into subgroups according to some set ‘basis’. These bases range from age, gender, etc