A Market segment is a subgroup of people or organizations sharing one or
more characteristics that cause them to have similar product needs.
Market segmentation is the process in marketing of dividing a market into
distinct subsets (segments) that behave in the same way or have similar
needs. Because each segment is fairly homogeneous in their needs and
attitudes, they are likely to respond similarly to a given marketing
strategy. That is, they are likely to have similar feelings and ideas about
a marketing mix comprised of a given product or service, sold at a given
price, distributed in a certain way and promoted in a certain way.
Broadly, markets can be divided according to a number of general criteria,
such as by industry or public versus private sector. Small segments are
often termed niche markets or specialty markets. However, all segments fall
into either consumer or industrial markets. Although it has similar
objectives and it overlaps with consumer markets in many ways, the process
of Industrial market segmentation is quite different.
The process of segmentation is distinct from targeting (choosing which
segments to address) and positioning (designing an appropriate marketing mix
for each segment). The overall intent is to identify groups of similar
customers and potential customers; to prioritize the groups to address; to
understand their behaviour; and to respond with appropriate marketing
strategies that satisfy the different preferences of each chosen segment.
Revenues are thus improved.
Improved segmentation can lead to significantly improved marketing
effectiveness. With the right segmentation, the right lists can be
purchased, advertising results can be improved and customer satisfaction can
be increased.
From: Wikipedia
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MARKET
SEGMENT