The Market Segmentation

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The big picture:

Market segmentation is based on the identification of portions of the market that are different from one another. It enables the firm to better understand and satisfy the needs of its diverse customers. It is assumed that different customers have different needs, and it rarely is possible to satisfy all customers by treating them alike...

When to use it:

The model is used to identify and recognise the diversity of customers and does not try to please all of them with the same offering. However it aims at identifying different market segments and their needs. Moreover, In addition to having different needs, for segments to be practical they should be evaluated against the following criteria

How to Use the Tool:

Consumer markets can be segmented on the following customer characteristics...