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Experiments in Market Research Read chapter Read first chapter

2022 | OriginalPaper | Chapter

Market Segmentation

Authors : Tobias Schlager, Markus Christen

Published in: Handbook of Market Research

Publisher: Springer International Publishing

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Abstract

Market segmentation describes the practice of grouping consumers that are alike concerning specific characteristics. The idea is that firms can better identify and target attractive segments and customize marketing actions for each segment. Equally important, segmentation allows firms to avoid consumers that are unprofitable or otherwise incompatible with its marketing strategy. Like other marketing concepts, market segmentation has changed over the years with increasing globalization and digitalization. But the concept of market segmentation has been and will continue to be one of the key concepts in marketing practice. In this chapter, we define market segmentation along with its key characteristics, describe the process by which it unfolds, outline the main traps to avoid, and provide an outlook into the future. A key concern of this chapter is also to reflect the key challenges in business environments, such as the abundance of data, globalization, as well as the acceleration of different trends.

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Metadata
Title
Market Segmentation
Authors
Tobias Schlager
Markus Christen
Copyright Year
2022
Book
Handbook of Market Research

Print ISBN: 978-3-319-57411-0

Electronic ISBN: 978-3-319-57413-4

Copyright Year: 2022

DOI
https://doi.org/10.1007/978-3-319-57413-4_29