Types of Market Segmentation Today, running a business is all about making informed business decisions and taking calculated steps to ensure the end users stay loyal to your brand. To succeed in doing so one must be consistently informed about the changing figures of the market and feel the pulse of their customers. By far, […]
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Types of Market Segmentation
Today, running a business is all about making informed business decisions and taking calculated steps to ensure the end users stay loyal to your brand. To succeed in doing so one must be consistently informed about the changing figures of the market and feel the pulse of their customers. By far, market segmentation is the best practice available to effectively reach customers and carry out marketing strategies in a systematic way.
Market segmentation is a field of market research that helps organizations to divide their customers or cohorts into smaller sub-groups based on certain characteristics such as demographics, incomes, personality traits, and so on. With the right process in place, organizations can optimize their marketing strategies to suit the needs of different focus groups. The market segmentation process starts with understanding the different ways by which you can segment a market. The following are the four primary types of segmentation:
- Geographic segmentation
- Demographic Segmentation
- Firmographic Segmentation
- Psychographic Segmentation
- Behavioral Segmentation
Client’s Background
The client- one of the most sought-after sporting goods retailer headquartered in the US.
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