It is the dividing of a market into distinct groups of buyers on the basis of needs, characteristics, or behavior who might require separate products or marketing mixes.
Segment marketing : Isolating broad segments that make up a market and adapting to match the needs of one or more segments.
Niche Marketing: Focusing on sub-segments or niches with distinctive traits that may seek a special combination of benefits.
Micro Marketing: The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations –includes local marketing and individual marketing.
Local marketing: Tailoring brands and promotions to the need and wants of local customer groups –cities, neighborhoods, and even specific stores.
Individual Marketing: Tailoring products and marketing programs to the needs and preferences of individual customers –also labeled one-to-one marketing, customized marketing and markets –of-one marketing.
Types of Segmentation
- Geographical: India, Delhi, Lajpat Nagar
- Demographic: 24 Yrs old Married woman working and earning 15K P.M, is an MBA
- Psychographic: Upper class, golfing, CEO.
- Behavioral: Rohit is a Regular shopper, believes in Quality, Brand loyal and likes to wear those brands which exudes Positivity.