Market segmentation allows companies to focus on specific customer needs from "summary" of Competitive Strategy by Michael E. Porter
Market segmentation is a critical concept that allows companies to effectively target specific customer needs. By dividing the market into distinct segments based on demographics, psychographics, or behavioral characteristics, companies can tailor their products and marketing strategies to meet the unique preferences and demands of each segment. This approach enables businesses to focus their resources on the most promising opportunities and maximize their competitive advantage in the marketplace. Segmentation also helps companies to better understand their customers and develop more targeted marketing campaigns. By identifying the distinct needs, preferences, and buying behaviors of different customer segments, companies...
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