The Marketing Plan: Segmented Market

Market segmentation is the process of partitioning markets into smaller groups of potential customers based on their similar needs, characteristics and buying behavior. Market segmentation is the strategy of “divide and rule”, i.e., dividing in order to conquer them. It is the strategy that subdivides the target market into sub-groups of consumers with defineable, distinct and homogeneous characteristics. Every child when he/she is born becomes a consumer. A child who consumes milk, baby food and diapers goes onto consume toys, books and so on. These changing needs make it inescapable for marketers to conduct segmentation studies. All individuals do not have similar needs. A male and a female would have varied interests and liking towards different products. A kid would not require something which an adult needs. A school kid would have a different requirement than an office goer. Market Segmentation helps the marketers to bring together individuals with similar choices and interests on a common platform. The objective of my study is to define the role of market segmentation and the requisites for effective segmentation.