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How is market segmentation developed and used for marketing products?

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The Response Addresses the Queries Posted in 701 Words, APA References

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The Response Addresses the Queries Posted in 701 Words, APA References

Development of Market Segmentation

Market Segmentation

'Market segment' can be defined as a group of customers that have the similar characteristics. The product for a particular market segment is homogenous and the customers in that market segment also have the similar needs. The main purpose of the developing a market segment is to allow the marketing professionals to focus on the particular purchases offerings (Peter & Donnelly, 2002). It helps to provide highest return from the expenses on the marketing or sales programs.

Development of Market Segment

The market segment is not developed by the market professionals; marketer identifies the segments and focuses on increasing the sales of the products or services. The marketer identifies the market segment by using the following process -

1. Development of the strategies -The first process is to identify the market segment, the marketer develops the strategies to acquire and retain the customers by providing the best services.

2. Attract the new customers and convert them into high potential prospects - This step identifies the need of the customers for the product and converts them into potential customers for the ...

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Ashish Sharma, MBA (IP)
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  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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