How to effectively segment a market for business growth is crucial for modern businesses seeking to understand and serve their customers better.
- Market segmentation divides customers into groups based on shared characteristics like demographics, lifestyle, age, gender, income, and location
- Understanding benefits and limitations of market segmentation in business helps companies make informed decisions about targeting specific customer groups
- Effective segmentation enables businesses to meet specific customer needs, differentiate products, and develop targeted marketing strategies
- Businesses must regularly update their segmentation approach as customer characteristics and needs evolve over time
- Using market research helps companies understand customer needs through market segmentation techniques and develop more successful products
