Marketing, Market segmentation, Marketing strategy

The market consists of different types of consumes that have a variety of needs and various types of products (Kotler, pp.44). The market further divides itself into different types of consumers, further divided into subgroups and segments. The needs of these different types of consumers may vary due to a variety of factors. The concept of market segmentation therefore refers to the process of targeting different types of consumers with different marketing programmes and products, suitable to their needs (Croft, pp. 1). Market segmentation appears to be a simple theory however, it remains one of the most widely researched marketing topics (Wedel Kamakura, pp. xix). The topic of market segmentation has been around in the world for nearly a decade. It has gained large importance these