Segments and Niches
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How can a market be segmented? What is the difference between a segment and a niche? Can you have a market segment of one individual? If so, how? If not, why not? Please be specific on all points.
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Solution Summary
This is a discussion of how a market can be segmented, the difference between a segment and a niche, and whether there can be a market segment made up of one individual.
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How can a market be segmented?
"So what are the bases for segmentation? While it is difficult to determine what will segment a market into different segments based on different benefit tradeoffs, there are some useful ways of thinking about how this might be done. In any event, however, this is typically a reiterative process (i.e., trying one way, then another).
One way to start the process is to look at the various benefits and think about whether there are groups of customers who would care about different clusters of these benefits.
In my experience, this may lead you to following bases for beginning to think about segmenting a market.
Usage - often how customers use a product can result in their making tradeoffs across different benefits. For example, light users and heavy users of a product often care about different benefits.
Application - customers who apply a product in a mission critical way often care about different benefits (for business buyers this could be a way central to their business, but a cook may use a product that is central to a recipe as well).
Prior experience with the product category - often ...
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