To better understand the market and then to deliver it with the best quality of products, the organization divides markets into segments. Market segmentation is the process of dividing market into different groups of homogenous needs. Market segmentation is not a very old concept. Every firm these days is adhering to market segmentation. The reason is that it’s better to apply the customized marketing mix for a particular segment rather than applying the same marketing techniques through the market. This way customer satisfaction is achieved to a great extent by specifically focusing on their needs. It should be ensured by the marketers that the market segment should be measurable, accessible, different in response, durable and have potential for profits.
