Review:
Market Segmentation
overall review score: 4.5
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score is between 0 and 5
Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities, then designing and implementing strategies to target them.
Key Features
- Identifying different groups of customers with distinct characteristics
- Developing products and services tailored to specific customer segments
- Creating targeted marketing campaigns to reach each segment effectively
- Maximizing profitability by focusing resources on high-potential segments
Pros
- Allows companies to better understand and meet the needs of specific customer groups
- Enables targeted marketing efforts leading to increased sales and customer satisfaction
- Helps companies differentiate their offerings in a competitive market
Cons
- Can be time-consuming and costly to implement correctly
- May result in overlooking potential customers who do not fit neatly into defined segments