The concept describes three stages that form the process of market segmentation and explores the reasons for segmenting the market. The concept also reviews the advantages of market segmentation and provides examples of how organisations have achieved stronger positioning through this technique.
Market Segmentation Definition
Market segmentation is the analytical process of breaking down the market into smaller groups, each of which requires a different marketing mix. Each segment should be measurable (size and characteristics), substantial (sizeable), accessible (reachable targets), and actionable (providing profitable business opportunities) (Sutherland and Canwell, 2004).
Market Segmentation Description *
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Market Segmentation References (4 of up to 20) *
- Beane, T., Ennis, D. (1987) Market Segmentation: A Review. European Journal of Marketing, Vol. 21, pp. 20-44.
- Brugmann, J. and Prahalad, C.K. (2007) Cocreating Business’s New Social Compact. Harvard Business Review, February.
- Claycamp, H.J. (1968) A Theory of Market Segmentation. Journal of Marketing Research, Vol. 5(4).
- Datta, Y. (1986) Market Segmentation: An Integrated Framework. Long Range Planning, Vol. 29.
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