Market Segmentation
Market segmentation is the practice of dividing a target market into approachable groups based on characteristics like demographics, psychographics, behaviors, or needs. This strategy allows businesses to target specific segments with tailored marketing campaigns, products, and services. By focusing on segments whose needs and preferences align with what the business offers, companies can allocate their marketing resources more efficiently and achieve a better return on investment. Market segmentation is key in developing effective marketing strategies, as it ensures more personalized and relevant communication with different segments of the market, leading to increased customer satisfaction and loyalty.