Advantages of Market Segmentation
Segmentation can have many benefits for companies which can benefit their business. Some are discussed below:1. Segmenting a market gives focus to company as it helps to understand the market better
2. Unnecessary costs are avoided as only the required population can be tapped
3. Segmentation can help companies identify newer markets where existing products can be launched
4. If certain overlapping markets are identified, companies can create new products to capture them
5. Once proper segmentation is done, after identifying target groups accurately, advertising& marketing can be more effective rather than having loosely created ad campaigns
6. Homogeneous groups can themselves promote the products or services even more if they like it
7. Systematic market segmentation helps in market expansion and also helps in customer retention
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