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Market segmentation is a breakdown of a market into meaningful demographics related to a product or business. This is a basic marketing research process, designed to identify markets for products and services. Markets are then further analyzed in terms of consumer demand issues, market values within the segment, and demand factors. Market segmentation is also built in to a critical evaluation of business, product and service needs. |
Examples of Market Segmentation:
| Baby clothes- The market segment for people who need baby clothes is obvious, and easily segmented into a clear demographic. Marketing is therefore based on the requirements of this market segment. For a business, the need would be to determine how many potential customers there are for the product, incomes, price ranges, and the brand image for the product. https://en.wikipedia.org/wiki/Market_segmentation https://ciee-dev.eecs.berkeley.edu/energyeff/documents/MarketSegmentationWhitePaperSummary.pdf |
