Marketing Segmentation
The market segment is defined as “a group of present or potential customers with
some common characteristics that are relevant in explaining and predicting their
response to the suppliers’ marketing stimuli.” (Yoram Wind & Richard N. Cardozo
1978, 71-76)
The concept of Market Segmentation is made by Wendell R. Smith in Mid 1950s. It
means a process that marketers through market research, according to the
differences of customer's needs and desires, purchase behavior and buying habits
etc, classify one product's whole market into several consumer groups.
The subdivision standards of consumer market can be summarized as Geographical
segmentation, demographic segmentation, psychographic segmentation and
behavioral segmentation. Each aspect also includes a variety of subdivision
variables as described in figure