Market segment

Market Segmentation is the process of grouping a market into smaller
subgroups. This is not something that is arbitrarily imposed on society : it
is derived from the recognition that the total market is often made up of
submarkets (called segments). These segments are homogeneous within (ie.:
people in the segment are similar to each other in their attitudes about
certain variables). Because of this intra-group similarity, they are likely
to respond somewhat similarly to a given marketing strategy. That is, they
are likely to have similar feelings about a marketing mix comprised of a
given product, sold at a given price, distributed in a certain way, and
promoted in a certain way.

When numerous variables are combined to give an in-depth understanding of a
segment, this is referred to as depth segmentation. When enough information
is combined to create a clear picture of a typical member of a segment, this
is referred to as a buyer profile. A statistical technique commonly used in
determining a profile is cluster analysis.

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