What are market segments?
- 1 decade agoFavorite Answer
Segmentation refers to “the identification of likeminded clusters of consumers who can be expected to behave in similar ways, making similar ways decisions in the marketplace in similar situations.” As an example, When it comes to fitness products, segments can be based on gender, age, physical ability of the consumer and the income level. Segmenting market should be done according to the STP process and thereafter develop a suitable marketing plan to deliver expected benefits. Segmenting the market involves a complicated and risky process as it can determine the success and failure of an organization because poor segmentation always leads to poor sales of the product.
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