Market segmentation and segmentation strategies

Abstract

To begin with, market segmentation seeks to enrich consumers with products that satisfy their individual set of needs and behaviour patterns. And in order to achieve success in this modern age, organizations should think more creative and innovatively likewise be willing to alter and adapt quickly to the ever changing environmental factors that may facilitate new ways of doing business in this twenty-first century.

The essence of segmentation is reflected within the division of market into a bigger number of homogenous subgroups of shoppers with similar needs and expectations. The purpose of this study was to look into the linkage between market segmentation and segmentation strategies.

A review on some literature was taken as an approach to determine the essence of market segmentation and its strategies to businesses and other stakeholders. Furthermore, after a careful observation and analysis, market segmentation and its strategies serve as an intermediary between value opportunities and new market spaces of a company’s strength that is necessary in attaining a more resilient strategic goal. Additionally, it gives businesses the opportunity to concentrate on core business value thereby reducing the potential of resources wastage.

Finally, market segmentation and strategies still showcase the need for improvement and unless it is taking into consideration, there will always be a gap that can hinder success whenever a market is segmented. Reason being, businesses operate in a dynamic and a very uncertain environment.