Market segment

Market segment,

Definition of Market segment:

  1. An identifiable group of individuals, families, businesses, or organizations, sharing one or more characteristics or needs in an otherwise homogeneous market. Market segments generally respond in a predictable manner to a marketing or promotion offer.

  2. A market segment is a group of people who share one or more common characteristics, lumped together for marketing purposes. Each market segment is unique, and marketers use various criteria to create a target market for their product or service. Marketing professionals approach each segment differently, after fully understanding the needs, lifestyles, demographics, and personality of the target consumer.

  3. A market segment is a category of customers who have similar likes and dislikes in an otherwise homogeneous market. These customers can be individuals, families, businesses, organizations, or a blend of multiple types. Market segments are known to respond somewhat predictably to a marketing strategy, plan, or promotion. This is why marketers use segmentation when deciding a target market. As its name suggests, market segmentation is the process of separating a market into sub-groups, in which its members share common characteristics.

How to use Market segment in a sentence?

  1. Young people were, of course, one of the companys most important market segment s so it was obvious why they so strongly pandered to that specific demographic.
  2. The criteria for a market segment are that there is homogeneity among the segment's main needs, the segment must be unique, and the segment's members must produce a common reaction to marketing tactics.
  3. Common market segment traits include interests, lifestyle, age, and gender.
  4. A market segment is a group of people in a homogeneous market who share common marketable characteristics.
  5. In many industries the market segment that is most desirable are millennials between the ages of 18 and 35, unfortunately this group is often the toughest to market to.
  6. They were the right market segment that we were looking for and that made us feel ready to get started.

Meaning of Market segment & Market segment Definition