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Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2] The S-T-P framework implements market segmentation in three steps: Segmenting means identifying and classifying consumers into categories called ...
In mathematics, the map segmentation problem is a kind of optimization problem. It involves a certain geographic region that has to be partitioned into smaller sub-regions in order to achieve a certain goal. Typical optimization objectives include: [1] Minimizing the workload of a fleet of vehicles assigned to the sub-regions;
Micro-segmentation on the other hand requires a higher degree of knowledge. While macro-segmentation put the business into broad categories, helping a general product strategy, micro-segmentation is essential for the implementation of the concept. “Micro-segments are homogeneous groups of buyers within the macro-segments” (Webster, 2003).
Market Segmentation divides markets into smaller segments by which they can match their needs and requirements. The smaller segments are then turned into target markets. [9] (P. Kotler, S. Burton, K. Deans, L. Brown, G. Armstrong, 2013) End users are known as the key targeted consumers who are the main users of the product.
Measurable – can the segment be quantified and its size determined? Profitable – can a sufficient return on investment be attained from a segment's servicing? The next step in the targeting process is the level of differentiation involved in a segment serving. Three modes of differentiation exist, which are commonly applied by firms. These are:
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The degree of market segmentation is defined as the degree of monopoly power of the producing firm or exporting country. The higher the average unit value (AUV) of the same product sold in the main market compared to the benchmark market, the greater the degree of monopoly power in that market and therefore higher is the degree of market segmentation, expressed in the following formula: