Describe Segmented market

Question

Write a brief note on the term ‘Segmented market’?

Answer 1

Segmenting market is to section the organizations and customer i.e., each and every segments needs can be recognized and satisfied properly. The merit is that there is no need of selling the product to all the segments of market in fact a specific segment can be targeted according to their needs. Market segmentation is done in two steps which are illustrated below:

i) First step is to classify and identify people in homogeneous groupings that are termed as segments.

ii) The Second step is to find out which of such segments are the target markets.