Market Segmentation
Dividing the market into different groups because of the different needs, wants, choice, characteristics and behavior of customer might require different products and marketing mixes.
Why Market Segmentation is important?
Market segmentation makes it feasible for the firm to adapt the marketing mix for specific target markets it will help the firm to better satisfy the need of customer instead of offering the same marketing mix to the different customer with different needs.
Levels of Market Segmentation
It discussed in importance of segmentation that consumers have different needs and good sellers have to satisfy them by designing a separate marketing program for each buyer. That s why market segmentation can be carried out at different levels segments, niches, local areas, individuals and mass marketing.
Mass Marketing
In simple words seller offer same product for all the buyers with different needs and seller engages in the mass production, mass distribution, and mass promotion of one product for all buyers.