Market Segment
A Market Segment is a subsection of the overall market, and is composed of groups of people or organizations with similar product or service needs. Segmentation usually occurs in the early stages of devising a Marketing Strategy and aims to find a market segment which is ideally suited for one’s products or services offering.
Segments are composed of prospects who can be identified and reached by the same marketing channel and similar communication vehicles, and which are large enough to support your business goals without being so large as to render your own marketing efforts meaningless amongst the noise of your competitors or the roar of the crowd.
For a humorous take on Segmentation and Marketing Strategy, feel free to view our video, The Monks Versus the Wizards.
