Market Segment
Know what the market segment and what are its basic characteristics …
Today, the vast majority of companies are aware that they can not optimally serve all potential customers that exist in a given market. This situation is mainly due to the tastes, preferences, styles, purchasing power, location, etc.., Vary from person to person and from organization to organization.
However, for peace of marketers, there are “groups” whose members have very similar features and allow the implementation of marketing activities designed for the whole group, thus, resulting in significant savings of time, effort and resources.These groups are known as “market segments”, and given the breadth of this topic, in this article we will see its definition and its basic characteristics.
Definition of Market Segment, According to Different Authors:
According to Philip Kotler and Gary Armstrong, a market segment is defined as “a group of consumers who respond similarly to a given set of marketing efforts.
Authors Stanton, Etzel and Walker, define a market segment as a group of customers with different wants, preferences, purchase or use of style.
Mario Patricio Bonta and Farber, a market segment defined as that part of the market defined by specific variables can be differentiated clearly from other segments. As is seen as a greater number of variables to determine any market segment, the size of segment is reduced and the characteristics of this are more homogeneous.
Marketing Dictionary of Cultural SA, defines a market segment as a set of individuals or companies with similar characteristics and different, which are clearly distinguishable from other groups who may also respond to a program of activities marketing specifically designed for them, with profitability for the company that practices.
In short, you can define a market segment as a group of individuals, companies or organizations with similar characteristics in terms of desires, purchasing preferences or style of product use, but distinct from those with other segments that belong the same market. In addition, this group responds similarly to certain marketing activities, which are made by companies seeking a certain profitability, growth or market share.
credit to: Ivan Thompson
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