One of our previous posts talked about using different marketing approaches for different market segments, but what exactly is a market segment and how do you understand yours? Themanager.org describes a market segment as a group of people who are similar in the way they react to promotion, communication, pricing, and other marketing variables. Of course, every customer or potential customer will react in a way unique to that individual, but since it’s not possible to develop a separate marketing approach for every person, you can instead group individuals by things they have in common. This in turn allows you to develop a standardized marketing approach for each segment that you serve or want to serve.
