Yes, the title is giving directional clues towards ‘Market Segmentation’, the most important part while making a marketing strategy. Market Segmentation determines how the organization, on the basis of age, income, personality, or behavior has divided its consumers. These segments can be used later to optimize products and promotions for different consumers. Market segmentation at its core is the practice where it divides the target audiences into approachable groups. It generates market subsets based on the demographics, needs, priorities, common concerns, and other psychographic/behavioral criteria that are used to better understand the target audience. You can leverage the product, sales, and marketing strategies by understanding these market subsets. Creating marketing communications using both traditional and digital platforms, the segmentation will allow to improve responses and reduce buying costs. These segments can also boost the development cycles of products by provid...
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