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What significance does a marketing segment have on a companies marketing strategy

Segmenting is a powerful tool that helps companies categorize the population based on various factors such as demographics, geography, physiological and behavioral. This can be a challenging and costly task because it involves a lot of market research. It is important for both small and large business but it can be very beneficial for smaller ones who don’t have the available resources to develop a product and a marketing mix that fit a specific part of the total market. A small business can find a niche by using the resources it does have and focus on a specific consumer to serve better than that of a larger competitor. Market segmentation lies in the middle between one to one marketing and mass marketing. One to one marketing is where a product is designed for each customer in the market and mass marketing is a product offered to everyone within the market. Everyone’s wants and needs in the world are unique which most successful businesses understand. This is why they have divided the overall markets into segments and try to match their products with the wants and needs of the customers. The marketing strategies of a company rely heavily on segmentation because they first need to understand who they are targeting and what the needs are as well as what motivates them to purchase goods and services. They can gain insight into some of these underlying questions by evaluating the segmentation scheme which is “the iteration between marketing managers’ good sense and customer-based data continues when potential segmentation scenarios are evaluated. A set of segments may be very clear from a statistical perspective but that information needs to be useful from the managerial point of view”(Iacobucci pg.23). This is done by identifying segments using data to answer specific questions once

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