MARKET SEGMENTATION BY- VIRANDER SINGH BBA 2ND YEAR ROLL NO. 17
• CONCEPT AND DEFINITIONThe concept of market segment is basedon the fact that the market of commodities are not homogeneous but they areheterogeneous. Market represent a group of customer having commoncharacteristics but two customer are never common in their nature, habits, hobbies income and purchasing techniques.
• According to Philip kotler , “ Marketsegmentation is sub-dividing a market into distinct and homogeneous subgroups of customers, where any group can conceivably be selected as a target market to be met with distinct marketing mix.”
• Market Segmentation is a method of “dividing a market (Large) into smallergroupings of consumers or organisations in which each segment has a common characteristic such as needs or behaviour.”
o As people age their needs and wants change, some organisationsdevelop specific products aimed at particular age groups for example nappies for babies, toys for children, clothes for teenagers and so on. o Gender segmentation is commonly used within the cosmetics,clothing and magazine industry.
o Income segmentation is another strategy used by many organisations. In todays globally competitive environment brands are specifically developed and positioned within particular income segments in order to maximise turnover.o Products and services are also aimed at different lifecycle segments. Holidays are developed for families, the 18-30s singles, and for those in their 50s.