Market segmentation

Organization that sell to consumers & business market realize that they cannot sell to all buyers in the market, & all buyers cannot be approached in the same way. Companies generally identify the parts of the market that they can serve best.There r 3 basic philosophies that guide a company’s approach to its market. Mass marketing is the decision to mass-produce & sell a single product to maximum number of buyers. Product variety marketing presents different choices to set the company’s product apart from competitors. Companies following this philosophy produce two or more products with different features. Target marketing is the decision to identify different groups that compose the market & develop specific products for each of these groups. Sellers today prefer this last approach since its more helpful in spotting opportunities.The market segmentation is the act of dividing the market into distinct group of buyers who might merit separate products, marketing mixes. Markets can be segmented using different variables & marketers often try several approaches.