MUSINGS

Market segmentation is one of the most efficient tools for marketers to cater to their target group. It makes it easier for them to personalize their campaigns, focus on what’s necessary, and to group similar consumers to target a specific audience in a cost-effective manner. Market segmentation is being used by marketers since late 1900’s. Simple though it may be, it is of vital use to forming any marketing plan. What is Market Segmentation? Market Segmentation is a process of dividing the market of potential customers into different groups and segments on the basis of certain characteristics. The member of these groups share similar characteristics and usually have one or more than one aspect common among them. There are many reasons as to why market segmentation is done. One of the major reasons marketers segment market is because they can create custom  marketing mix  for each segment and cater them accordingly. The concept of market segmentation was coined by Wendell R.