Market segmentation

Author: Qu Yunbo Gao Yuan
Publisher:
Publish Date: 1999-05-01
Features: No product or service can attract all customers. Therefore, effective business strategies and marketing strategies require segmenting the market into different parts with similar characteristics. Understanding the needs and desires of each segment, designing products and services that meet the needs of each segment, and developing targeted marketing strategies to effectively reach the target segment are essential. Understanding and focusing on market segments is a prerequisite and core for an enterprise to strive to become a customer-oriented organization. It is also a key for an enterprise to allocate resources effectively to deploy strategies and plans. No product or service can attract all customers. Therefore, effective business strategies and marketing strategies require segmenting the market into different parts with similar characteristics. Understanding the needs and desires of each segment, designing products and services that meet the needs of each segment, and developing targeted marketing strategies to effectively reach the target segment are essential. Understanding and focusing on market segments is a prerequisite and core for an enterprise to strive to become a customer-oriented organization. It is also a key for an enterprise to allocate resources effectively to deploy strategies and plans.