Describe in your own words what marketing segmentation is? Why is it important to understand this...

Describe in your own words what marketing segmentation is? Why is it important to understand this concept? What are some disadvantages to not understanding it? Why?

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Expert Solution

The market segmentation refers to dividing the entire market in different groups on certain basis. For instance the market can be divided according to age, gender, location, income etc.

Understanding market segmentation and performing the same effective rate is extremely beneficial since the business in the target the correct market and also have different strategies for different segments. Market strategies can be customized according to the needs of different segments. Failure to understand market segmentation will result in loss of opportunities. It will render the market strategy ineffective since a uniform strategy may not work in all the segments. For instance, the same advertising campaign which is effective in impacting the minds of the adults may not be effective in impacting the minds of children. If the market is segmented and campaigns customized according to the segments, the marketing efforts will be more effective.

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