Definition: [mɑːkɪt ˌsɛgmɛnˈteɪʃən] is the allocation of groups of consumers, products or enterprises with common characteristics. A segment is a market group of buyers with similar needs, desires and opportunities.
In the mass market, with a huge number of buyers, manufacturers do not see the point in developing products to meet the needs of each specific consumer. In the market for an exclusive, expensive product, everything is different. Companies are forced to treat each of the buyers as a separate market.
Market Segmentation in Sentences:
- There is no single method of segmenting the market. The breakdown of the market into groups of customers, with the aim of segmenting, will presuppose that for each of the segments, separate products and marketing complexes may be required.
- For example, the segment of the market for the production of intercontinental airliners, the market of heavy quarry dump trucks involves working with each of the customers personally. In this case, marketers talk about the ultimate degree of market segmentation.
Synonyms and related words: marketing strategy, target audience, business niche