According to Kotler, P. "Market segmentation involves dividing into smaller segments of buyers with district needs, characteristics, or behaviors that might require separate marketing strategies or mixes" (p.192). The market segmentation is a step in the customer-driven marketing strategy. The market segmentation relies to the form how companies study the economical potential of its customers.
Customers are divided into groups in order to study their preferences and similarities of their needs, wants, and demands among each other. Many factors tend to influence the market segmentation, such as social class, generation, education, income, and customer behavior.
As we know, the marketers' mission is to satisfy the needs and wants of their customers, but the reason because they make business is for gaining generous profits. So, thinking in that way, it is more understandable that companies divide its possible customers in segments that reflect the suitable place where its product would be a successful one.
The following drawing about the marketing process helped me to understand and rethink about the general idea of marketing strategies:
Customers are divided into groups in order to study their preferences and similarities of their needs, wants, and demands among each other. Many factors tend to influence the market segmentation, such as social class, generation, education, income, and customer behavior.
As we know, the marketers' mission is to satisfy the needs and wants of their customers, but the reason because they make business is for gaining generous profits. So, thinking in that way, it is more understandable that companies divide its possible customers in segments that reflect the suitable place where its product would be a successful one.
The following drawing about the marketing process helped me to understand and rethink about the general idea of marketing strategies:
As it can be appreciated, the market segmentation falls in the second phase of the marketing process called Design a customer-driven marketing strategy. It is still a preliminary position, but very important to make a product successful. As an example, HereHere is an app that my Marketing team and I are developing. During the marketing process, the marketing segmentation was analyzed. The results relied on the facts that HereHere would be adapted easily among the generation Y (1977-2000) because it is the generation that use more technology in its daily life, and also this generation is the most educated, and for that reason, the generation with most income.
References
Kotler, P., & Armstrong, G. (2014). Principles of Marketing. Upper Saddle River, NJ; Pearson.