Concept, process, requirements, and levels of market segmentation. Bases for segmenting consumer and organizational markets. Segment evaluation, analysis and selection. Concept and types of positioning; product positioning process.
Market segmentation divides the large markets into smaller market segments that will definitely play significance role with any products or services to match the customer needs. There are not a single method to segment a market so marketers use major variables like Geographic, Demographic, Psychographic, and Behavioral variables.
There are several ways for the segmentation of a market, but not all segmentation are efficient and effective. Market segments must have following things in order to be more useful. Measurable, Accessible, Substantial, Differential, Actionable. Beyond deciding the segments of the market it will target, the organization must decide on value proposition—how it will generate differentiated value for targeted segments and what positions it wants to occupy in those segments.