One faction within the market may be recognized by gender, while another may be made up of purchasers within a certain age category. Elmachtoub department of industrial engineering and operations research and data science institute, columbia university, new york. Markets consist of buyers who differ in one or more respects. Customer segmentation has virtually unlimited potential as a tool that can guide firms toward more effective ways to market products and develop new ones. Marketer will identify the customer need and want then only decide if it is practical to develop marketing mix to satisfy those wants. Warwick station development district market segmentation analysis. View segmentation marketing research papers on academia. Develop strong positions in spealized market segment. Moreover, businesses that have not traditionally embraced marketing in general or segmentation in particular, see it as imperative for success and even survival. They may differ in their wants, resources, geographical locations, attitudes and buying practices. Marketing segmentation, targeting and positioning market segmentation introduction. Market segmentation is a much broader concept, however, and it pervades the practice of business throughout the world. The management can respond to meet changing market demand. American journal of business education june 2011 volume 4.
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