Market segmentation (20 Slides)

Abstract

The national market of any country is very wide. The producers of goods need not concentrate on a specific group of buyers or a distinct market. This may be termed as ‘mass' marketing. The producers of products must be clear whether they want to make a general purpose product which can be bought by any person in the nation-wide market or distinct kind of product to serve the needs of a particular group of buyers only. In simple terms. “market segmentation may be defined as a process of dividing a market into different sub-markets on the basis of some definite criteria.” Another definition may be put as follows:”Market segmentation is a process of dividing buyers into various groups with a common need or want, into different classes on the basis of region, age, sex, preference, habit, prejudice etc.