Lesson 3: MARKETING SEGMENTATION

Lesson 3: MARKETING SEGMENTATION

The market can be subdivided by geographic, demographic, psychological, psychographic or behavioral variables. The advantages and disadvantages of each of these types of segmentation variables are discussed in detail in this lesson. Kotler
(1984) has identified four requirements that a marketer can use in evaluating the desirability of potential market segments, namely measurability, accessibility, substantiality and action ability. Once a segment has been identified which meets these requirements, it is possible to develop a product or service which meets the unfulfilled needs of this segment. A marketing mix can then be devised to reach the segment identified economically and efficiently. A strategy of market segmentation attempts to regain some of the benefits of the closer association with customers which was the strength of traditional business operations.

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