Market Segmentation Mind Map

This is a Market Segmentation Mind Map. In marketing, market segmentation is the practice of dividing a wide consumer or business market, generally consisting of present and future customers, into sub-groups of consumers (known as segments) based on some form of shared criteria. In separating or segmenting markets, researchers often look for comparable traits such as shared demands, common interests, similar lifestyles, or even similar demographic profiles. The overall goal of segmentation is to identify high yield segments — those that are expected to be the most profitable or have the most growth potential – so that they can be targeted for extra attention (i.e. become target markets). There have been numerous methods for segmenting a market. Distinct market segments, according to market segmentation, require different marketing strategies, such as different offers, prices, promotions, distribution, or a mix of marketing elements. Market segmentation is used to not only identify the most profitable categories but also to create profiles of key segments to better understand their needs and reasons for purchasing. The results of segmentation analysis are then used to help design and plan marketing strategies. In EdrawMind community, you can get more templates related to marketing or other topics in study, work and life.