How is market segmentation useful to marketers?
What will be an ideal response?
ANSWER: Market segmentation is the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. Market segmentation plays a key role in the marketing strategy of almost all successful organizations and is a powerful marketing tool for several reasons. Most important, nearly all markets include groups of people or organizations with different product needs and preferences. Market segmentation helps marketers define customer needs and wants more precisely. Because market segments differ in size and potential, segmentation helps decision makers to more accurately define marketing objectives and better allocate resources. In turn, performance can be better evaluated when objectives are more precise.
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