Market is related as a collection of buyers differentiated on the basis of their needs and desires. Its philosophy is, “something or everybody”. This classification of markets based on consumer characteristics is called market segmentation. Market Segmentation is defined as “the process of taking the total heterogeneous market for a product and dividing it into several submarkets or segments each of which tends to be homogeneous in all significant”. The markets could be segmented in different ways. For example instead of mentioning a single market for “shoes” it may be segmented into several submarkets e.g. shoes for executives, doctors, college students, etc.
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