Definition of Market segment:
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.
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.
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?
- 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.
- 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.
- Common market segment traits include interests, lifestyle, age, and gender.
- A market segment is a group of people in a homogeneous market who share common marketable characteristics.
- 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.
- 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