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Market segmentation alludes to gathering every one of the shoppers in the market in certain fragments or group. As it were, the point at which an organization separates its potential clients into groups and portion dependent on certain highlights, it is known as Market Segmentation. Clients of one group have similar highlights and for the most part, they share more than one thing for all intents and purpose among them. The objective of Market Segmentation is to know the portion that is generally gainful or that have development potential. It has been seen that they are a few explanations for the segmentation of a market, and one reason is to prepare the marketing mix accordingly for the segments.

Wendell R. Smith, who in his article "Product Differentiation and Market Segmentation as Alternative Marketing Strategies” observed examples of segmentation in 1956, who found market Segmentation’s concept.

In easy words, market segmentation is diving up a large market into smaller groups. So, we can say that market segmentation is the bifurcation of a large market into various small markets, which are related to each other.

According to Philip Kotler’s definition of market segmentation, “Market Segmentation is the sub-dividing of customers into a homogeneous subset of customers where any subset may be conceivably selected as a market target to be reached with the distinct marketing mix.

Market Segments ought to be evaluated on bases such that they are:

Identifiable: Differentiating attributes of market sections ought to be quantifiable with the goal that they can be distinguished.

Available: Market Segments must be reachable through correspondence and channel of distribution. It would be a disappointment if an organization picks a fragment which can't become to by the organization.

Substantial: The organization should see to what extent it can serve the portion. For instance, on the off chance that a little organization picks a fragment that requires enormous assets, at that point, it would be a disappointment for the organization as it is little and it will neglect to serve them.

Durable: Company ought to pick such market fragment which is generally steady to limit the expense of continuous changes. The market encounters frequent changes. What's more, if the section likewise changes as indicated by the adjustment in the market or more than the expense of the organization will increment.

Bases of Market Segmentation

1. Market Segmentation on the basis of Gender

Marketer divides the market on the basis of gender. As males and females, both are different from each other, their needs will also be different from each other.

2. Market Segmentation on the basis of Age

Segment based on age group is also one of the ways. A marketing strategy cannot be the same for a child, a teenager, or an adult. It is because of the consumer different things.

3. Market Segmentation on the basis of Income

Income is one of the major factors, which influences or restricts the buyer to purchase an item. Thus, it must be given equal importance. There are three types of categories:

High

Medium

Low

4. Market Segmentation on the basis of Marital Status

Traveling industries make different tour packages for bachelors as well as couples. Thus, the market is segmented based on marital status

5. Market Segmentation on the basis of Occupation

People, who go to work, will have different needs than the ones who study in colleges or schools.

Advantages of Market Segmentation

Realizing the Customer Better - Organization gets a thought who their clients will be and can more readily concentrate on their traits, personalities, behavior and buying designs.

Regard for Particular Segment - Segmentation enables the association to focus on a specific section that will yield the highest return. For instance, A little scale organization that is giving full consideration to a market rather than the little section will squander assets since it won't have the option to fulfill the enormous market with its constrained assets.

Methodology - Company makes a strategy on the basis of the market. Making strategies for the market which are of no utilization will be a disappointment for the association. Along these lines, it empowers the organization to make a strategy for a specific market just which is identified with the activity of the association.

Limitations of Market Segmentation

Increases cost - Targeting numerous markets will expand the expense of the organization. As an organization should make various strategies for various segments. Every one of the activities from item blend to advancement blend will be distinctive for various segments.

Hamper Broad-Brand Equity - Company can't manufacture its image by narrowing the market into littler segments.

Trouble in predicting - Human behavior never stays steady. Their behavior changes with the adjustment in the circumstance so it gets hard for the association to foresee the behavior.

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