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    Segmenting a Market

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    There are several ways to segment a market. To be useful and effective market segments should have five different characteristics. Could you please list these and briefly explain each?

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    Market Segmentation Approach
    <br>Individuals with diverse product needs have heterogeneous needs.
    <br>Market segmentation is the process of dividing a total market into market groups consisting of people who have relatively similar product needs, there are clusters of needs.
    <br>The purpose is to design a MM(s)(marketing mix) that more precisely matches the needs of individuals in a selected market segment(s).
    <br>A market segment consists of individuals, groups or organizations with one or more characteristics that cause them to have relatively similar product needs.
    <br>Criteria needed for segmentation
    <br>For segmentation to occur:
    <br>1. Segments must have enough profit potential to justify developing and maintaining a MM
    <br>2. Consumer must have heterogeneous (different) needs for the product.
    <br>3. Segmented consumer needs must be homogeneous (similar)
    <br>4. Company must be able to reach a segment with a MM, IE Review to reach Delaware undergraduates.
    <br>How do marketers reach children?
    <br>* Cartoons on Saturday
    <br>* Nickelodeon's
    <br>* Cereal boxes
    <br>* ...