What is Market Segementation?
Market segmentation is a marketing strategy that involves dividing a broad target market into smaller, more manageable segments based on certain criteria. The purpose of segmentation is to identify and understand specific groups of customers with similar characteristics, needs, and behaviors. By doing so, businesses can tailor their marketing efforts to better meet the unique requirements of each segment, resulting in more effective and targeted campaigns.
Difference between Product Differentiation and Market Segmentation
In the realm of product management, the strategic decisions around product differentiation and market segmentation play a paramount role in shaping the success and sustainability of a product. Product managers are tasked with not only developing and refining the features of a product but also with understanding the diverse needs of the market it serves. This dynamic requires a nuanced approach that incorporates both product differentiation and market segmentation to create a product that not only stands out but also resonates with specific consumer segments.
Table of Content
- What is Product Differentiation?
- What is Market Segementation?
- Product differentiation Vs Market Segmentation
- Conclusion: Product differentiation Vs Market Segmentation
- FAQs On Product differentiation Vs Market Segmentation