Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
Let’s keep it simpler marketing is the art of finding the right customer segment which suits your product or service. Your all the marketing efforts will go into vain if you have not targeted to the right customer segment. Effective market segmentation and targeting and positioning is the key behind the success of any brand. There are four different ways to consider segmenting a market:
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