Give 5 reasons why companies opt for market segmentation
Market segmentation is the process of segregating the market in such a way that a common set of customers are identified together based on various parameters so that firm has to make a unique selling strategy for a market.
It is based on many parameters such as geographical segmentation, behavioral segmentation, demographic segmentation etc
This can be done in order to gain
1. Competitive advantage by segregating the market in unique pockets
2. A firm can able to focus and deliver more strategically in a market segment and with other strategies in other market segments
3. This helps in market research as it will give the idea about product usage in a particular segment
4. Helps in regulating the prices in a segment effectively
5. Overall separate market segment approach is easy to operate in a given market
ANSWER :
Market segmentation is the process of dividing broad market in several zones or segments consisting of like minded consumers , similar products and similar competitors.
It is not possible for a company to produce products which may fulfil needs of all type of consumers. Hence, market segmentation is adopted by the organisations.
Following are the reasons for market segmentation adopted by organisations :
1. to better understand the need the target audiences.
2. to devise appropriate marketing strategies to address the target consumers.
3. to make consumers better understand what to buy and what not to buy.
4. to deliver right products to the right customers.
5. to better understand the consumers, to reach wider audiences and to promote products more effectively.
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