Market Segmentation is the process of dividing a large umbrella market into segments that share similar behaviors, pain points, desires, and other data points. Market Segments are traditionally identified using four factors: the segment can be clearly identified; the segment is large enough; the segment is accessible for promotional purposes; the segment is an appropriate fit based on the goals and resources of the company. Market Segmentation strategies are usually based on behavioral, demographic, psychographic, geographic, technographic, and firmographic data.
What do we mean by this?
Separating your Skittles by color.