Conjectural Facet of Segmentation to Know Customer | Original Article

ABSTRACT:

Market segmentation is the process of identifying distinct groups and or subgroups of customers in the market, who have distinct needs, characteristics, preferences and/or behaviors, and require separate product and service offerings and corresponding marketing mixes. The focus of this paper is on the concept of market segmentation. The aim of investigation is to identify usefulness of segmentation. The research also discusses role of segmentation variables in consumer markets. The present research is based on secondary literature of different researchers. The study brings forth that segmentation have a key role in marketing strategy. Companies are using the segmentation method to identify their customers in consumer market. A description of different variables used in consumer markets was provided is an attempt to present research. The study also pointed out the basis of segmentation in consumer markets as well as the mistakes that companies made during segmentation. The research concludes that companies are using segmentation method to plan their marketing strategy.