Factors influencing market segmentation-
A market includes a large number of buyers with different interests, tastes, ages, sex, habits, etc.
This dividing is done by grouping customers according to their preferences, tastes, habits, etc.
Philip Kotler explains market segmentation is subdividing the heterogeneous market into a homogeneous subsection of the market.
Factors-
Resource of the organization
Product life cycle- But for heterogeneous products, segmentation is necessary. The heterogeneous products in the clothing industry have segmentation such as kids, men, women, weddings, etc.
Market segmentation is the first step of marketing strategies and can help in marketing decision-making as well. It involves segmenting the market based on various factors such as demographic, geographic, psychographic, etc.
Give more offers to the customers
Opportunities for growth
Understanding the market
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