Market segmentation is becoming an increasingly important issue in market research and business intelligence in India. Segmentation, as defined in market reports by the Market Research Company India, helps companies identify and pin point the market into groups of potential customers with similar motivations and characteristics.
By segmenting out certain markets it makes marketing in this growing economy far more productive and profitable. An organization can study entire markets with a single offer, or target more specifically certain segments.
A Market Research Company in India can follow five ways to segment markets.
1. Geographic Segmentation.
2. Demographic Segmentation.
3. Psychographic Segmentation.
4. Behavioral Segmentation.
5. Product Differences.
While the steps to achieving segmentationg are not laid out the goal is to maximize sales and profits, not necessarily brand recognition.
Some steps include: Identifying the entire market, profiling segments, summarizing segments, assessing which segment is most attractive, selecting a target market and determining segment positioning. Learn about market segmentation and market research at our blog.
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