Page 14 - IMDR JOURNAL 2023-24

IMDR’s Journal of Management Development & Research 2023-24

Unveiling Market Segmentation and its Strategies: A Comprehensive Study with Real-
time Company Examples

Sania Shabbir Nagaria*, Ridhi Upadhyay** and Sachin Deshmukh***

*Student, BBA LLB, MIT World Peace University, Pune, Maharashtra, India (E-mail:

sanianagaria1903@gmail.com)

**Student, BBA LLB, MIT World Peace University, Pune, Maharashtra, India (E-mail:

ridhiupadhyay247@gmail.com)

***Assistant Professor, Assistant Professor, MIT World Peace University, Pune, Maharashtra, India (E-mail:

sachin.deshmukh13@gmail.com

Abstract

There are a variety of consumer types, and it might be difficult for any firm to satisfy them all. Market

segmentation is a highly useful strategy for catering to different kinds of clients. In this research paper, we
shall discuss the concepts of market segmentation. Since each customer is unique, market segmentation is

essential. Their disparities pertain to age, gender, and financial status. Therefore, by dividing up the customer
base and concentrating on the most profitable group, every company may improve both its position and profits.

By using this technique, the market is segmented, and then goods and services are created specifically for each

of these divisions. A target marketing approach centres on the wants and requirements of the customer.
Therefore, before creating this customer-centric strategy, it is essential to define the target markets that the

firms would attempt to service. Marketing managers generally categorize the market into several categories,
or market segments. Next, they concentrate on the most profitable ones. In order to meet the demands of

particular consumer segments, businesses may alter the elements of their marketing mix, including their offers,

prices, distribution techniques, and advertising campaigns. The three stages of target marketing—market
segmentation, market targeting, and market positioning—are summarized in this study.

Keywords- Types, satisfy, market segmentation, dividing, profitable group, target marketing.

Introduction.

Before understanding what market segmentation is lets first know it’s important aspect, i.e., market segments.

Market Segment- A market segment comprises individuals, groups, or organizations that may exhibit similar
features, interests, or attributes. Similar needs, desires, and expectations may exist throughout the customer

sectors. Market segmentation is the process by which the company splits the market into several parts. Prior