Pacific Business Daily

B.What is market Segmentation? How is the practice of market segmentation related to the marketing concept?

Public Comments

1. Market Segmentation is the grouping of your customers to know if they are profitable and enjoy a product or service. Your marketing concepts are going to play into your market.
2. Market segmentation are words among many that are chosen by the advertising world to suggest to manufacturers that there is a science behind marketing worth paying for.. That is the marketing concept.
3. The basic concept of marketing is to look for the right product the right, price, the right place to sell your product and the right promotions to apply to market your product. Market segmentation is a theory where you identify the right consumer to buy your product. It a process where you select the right consumer either by ethnic group, by age group, by gender and lastly by location. Let us take for example a cologne. A cologne maker will make a musky scent to sell to males in the upper age level, a subtle fresh shower scent to males in the younger age group and a strong fresh scent to sports enthusiast. Once the segment is identified the other Ps in marketing follows. The cologne maker will know the place to sell the product, promote the product to the specific segment, price the product that will attract the particular segment it want to reach.