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MARKET SEGMENTATION DEFINITION:-
According to Philip Kotler “Market Segmentationn is the subdividing of market into Segmentatio homogeneous sub-set of customers, where any subset may conceivably be selected as market target to be reached with distinct Marketing Mix. According to William Stanton, “Market Segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-market of segments, each of which tends to be homogeneous in full significant aspects. Thus, Market Segmentation Segmentation is a process of grouping two or more customers for a product or services so as to serve their needs in a better way.
IMPORTANCE OF MARKET SEGMENTATION 1.Allocation of Market budget. 2.Adjustment of the product to the market need. 3. To estimate level of sales in a given market 4. To overcome competition com petition effectively. 5. To develop effective marketing programme. 6. To promote marketing activities. 7. To modify the existing product or to develop new product to satisfy needs of potential buyers. 8. To have more precise definition of market 9. To contribute towards achieving company goals .
IDENTIFYING MARKET SEGMENTS & SELECTING TARGET MARKETS LEVELS OF MARKET SEGMENTATION : 1.SEGMENT MARKETING A Market segments consists of a group of customers who share a similar set of wants. 2.NICHE MARKETING : A niche is
more narrowly defined group seeking a distinctive mix of benefits
: 3.LOCAL MARKETING :
Target Marketing is leading to marketing programs tailored to the needs & wants of local customer groups. 4.INDIVIDUAL CUSTOMER MARKETING : : The ultimate ultimate level of segmentation leads to ‘Segment of One’
PATTERNS OF MARKETING SEGMENTATION
1.HOMOGENEOUS PREFERENCES :
All the consumer have roughly the same preferences.
2. DIFFERED PREFERENCES : Consumers Preferences may be scattered through out the space, indicating that consumers vary greatly in their preferences
3. CLUSTERED PREFERENCES :
The marketing might reveal distinct preference clusters, called natural marketing segment.
