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No Slide Title - The University of New Mexico
No Slide Title - The University of New Mexico

... process of identifying distinct groups of consumers whose purchasing behavior differs from other groups in important ways Demography, geography, social-cultural factors, psychological factors  Firms adjust their marketing mix to meet the particular needs of different market segments ...
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Market segmentation

Market segmentation is a marketing strategy which involves dividing a broad target market into subsets of consumers, businesses, or countries who have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them. Market segmentation strategies are generally used to identify and further define the target customers, and provide supporting data for marketing plan elements such as positioning to achieve certain marketing plan objectives. Businesses may develop product differentiation strategies, or an undifferentiated approach, involving specific products or product lines depending on the specific demand and attributes of the target segment.
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