Segmentation

Segment:-

A group that share a want distinguishable from the rest of the market.

Def:- Segmentation:-

A process of dividing the total market for a goods or services into several small and homogenous groups.

Benefits of segmentation:-

The benefit derived are

  1. A more precise definition of market.

  2. A more effective marketing plan.

  3. Better measurement of strength and weaknesses of competition

  4. Better allocation of marketing Resources / Promotional Plans.