Segmentation – definition and importance

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Segmentation is a very important topic in marketing. Marketing is a process which usually consists of four¬† major elements namely situation analysis, marketing strategy, marketing mix decisions, and implementation & control. Segmentation is one of the elements in marketing strategy. Definition of segmentation According to Kotler (1994), segmentation refers to the subdividing of a market into distinct and increasingly homogeneous subgroups of customers, where any subgroup can conceivably be selected as a target market to be met with a distinct market. It is the process of defining and subdividing a […]