An Approach to Market Segmentation
26/08/2023 Career Counseling
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Description
Market segmentation seeks to gain some competitive advantage by treating consumer groups differently. The advantages differ depending on the approach but include price differentiation, superior targeting, customer loyalty or retention, and strategic planning. Increasingly, marketers are employing cluster-based segmentation in the design and implementation of business strategy. Smith (1995) found that segmentation is based on developments in the
demand side of the market and represents a rational and more precise adjustment of product and marketing efforts to consumer or user requirements. Corner (2002) observed that the starting point for a company’s Customer Relationship strategy is segmentation. The optimal segmentation scheme comes from a process that is about 50 percent science and 50 percent art and intuition.
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