The main objective of this Learning Unit is to understand why we should segment markets and how to go about doing so.
Learning Unit Summary
Without doubt it would be ideal for a company to offer a personalized product to each of its clients. As this is usually impossible it is necessary to look for methods to try to offer products that are personalised for different groups or segments of the market.
Today’s markets are more volatile than before and possibly the traditional ‘mass media’ advertising focus is no longer appropriate. One option is to focus on different niches of the market where we are able to satisfy their needs and wants.
This is possible with market segmentation i.e., dividing the market into groups of potential clients with similar needs and profiles and which present similar buying habits.
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