The below-mentioned article provides a full explanation of the Importance of Market Segmentation…
The total market for a good or service consists of all the people and organizations that desire it, have resources to make purchases, and are willing and able to buy.
Firms often use market segmentation- dividing the market into subsets of customers that behave similarly. The development of a target market strategy consists of three general phases:
- Analyzing consumer demand
- Targeting the market
- Developing the market strategy.
Importance of Market Segmentation:-
There are several benefits or importance to the seller or producer from market segmentation. They are-
1. To know the Marketing Opportunities
2. To prepare an Effective Market Program
1. To know the Marketing Opportunities-
This is the first or primary importance of market segmentation and it means to provide opportunities to identify or understand the nature of the market. By this way, the seller can adjust is trust to attract the maximum number of customers or targeting customers through various publicities and promotions.
2. To prepare an Effective Market Program-
This is the second or secondary importance of market segmentation and it means to help the producer to adopt an effective marketing program to serve the customers at low cost, different marketing program can be attached for a different segment.
As well as, This programs are very helpful to identify any product in the market for growth and enhance their sales volume.
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