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hieved. Lower expenses then leads to higher profits. However, unless almost everyone is buying your product/service, the lower expenses will not necessary mean higher profits. Market Segmentation As a marketer, defining and identifying groups of individuals who will pay for your product or service is an important task. Think of this task as trying to take advantage of the cost savings of mass marketing, but on a smaller scale. Or, conducting mass marketing to groups instead of the market as a whole. Market Segmentation Definition: A market segments are groups of highpotential prospective customers with mon characteristics and needs that distinguish them from other highpotential market segments. Market Segmentation Types of Segmentation: ? Segment (general): focuses on customers who share a similar set of wants. ? Niche: focuses on customers who seek a distinct set of benefits (often called subsegmentation). ? Local: focuses on the wants of customers in a specific location. ? Customerization: focuses on customizing the product or service to fit the customer’s specific wants (the ultimate in segmentation). Market Segmentation Bases for Segmenting Customer Markets: ? Geographic ? Demographic ? Psychographic ? Behavioral Market Segmentation Geographic Segmentation: This basis for segmentation calls for dividing the market into different geographic units (. provinces, counties, cities, towns, neighborhoods, etc.). Market Segmentation Demographic Segmentation: This basis of segmentation calls for dividing the