Market segment

Market segment
Market Segmentation is the process of grouping a market into smaller subgroups. This is not something that is arbitrarily imposed on society : it is derived from the recognition that the total market is often made up of submarkets (called segments). These segments are homogeneous within (ie.: people in the segment are similar to each other in their attitudes about certain variables). Because of this intra-group similarity, they are likely to respond somewhat similarly to a given marketing strategy. That is, they are likely to have similar feelings about a marketing mix comprised of a given product, sold at a given price, distributed in a certain way, and promoted in a certain way.