Are you Segmenting the Market for Reaching Right Customers?

In this particular article we will be talking about the word market segmentation, what are the different types of market segmentation, what are the benefits of segmenting the market and why companies pursue this market segmentation in their business?

If I talk about the meaning of market segmentation in simple words, then it means to segment the market which means to divide the market. Now the question comes on what basis the companies segment these markets. So, there are many ways to segment the market, which can be based on the common characteristics, common preferences, common likes and dislikes, on the basis of demographics, on the basis of same characteristics and many others.

There are so many advantages which a company gets while doing market segmentation, as it gives company an exposure to be more focused and to serve the customers need and want better than before. Now the companies can have more clarity in communication and they can better understand the requirements as well.

There are some types of market segmentation as well and these includes; Demographic Segmentation (which is based upon Age, gender, ethnicity, income, location, education, etc.), Psycho-graphic segmentation (which is based upon the personalities, attitude, belief, and characteristics), Behavioral segmentation (which is based upon purchasing habits, spending habits, user status etc.), Geographic segmentation (which is based upon city, country, zip codes etc.)

So, these all are the different types of market segmentation, out of which companies can use any of them and sometimes more than one also.

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