Market Segmentationpsychology Essay Example

In order to effectively segment a market, there are four important criteria that must be met. Firstly, the segmentation within the market must be homogenous. This refers to the fact that responses to the marketing mix should be similar within the targeted segment. Secondly, the segmentation must be heterogeneous between different segments. Additionally, the segment must be substantial, or large enough to justify a dedicated marketing strategy. Finally, the segmentation must be operational, or easily targeted and reached through marketing efforts. Meeting these criteria ensures that marketing efforts are profitable and successful in identifying customers' needs and wants, as well as responding effectively to t