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Market Segmentation

In: Handbook of Market Research

Author

Listed:
  • Tobias Schlager

    (Faculty of Business and Economics (HEC) University of Lausanne)

  • Markus Christen

    (Faculty of Business and Economics (HEC) University of Lausanne)

Abstract

Market segmentation describes the practice of grouping consumers that are alike concerning specific characteristics. The idea is that firms can better identify and target attractive segments and customize marketing actions for each segment. Equally important, segmentation allows firms to avoid consumers that are unprofitable or otherwise incompatible with its marketing strategy. Like other marketing concepts, market segmentation has changed over the years with increasing globalization and digitalization. But the concept of market segmentation has been and will continue to be one of the key concepts in marketing practice. In this chapter, we define market segmentation along with its key characteristics, describe the process by which it unfolds, outline the main traps to avoid, and provide an outlook into the future. A key concern of this chapter is also to reflect the key challenges in business environments, such as the abundance of data, globalization, as well as the acceleration of different trends.

Suggested Citation

  • Tobias Schlager & Markus Christen, 2022. "Market Segmentation," Springer Books, in: Christian Homburg & Martin Klarmann & Arnd Vomberg (ed.), Handbook of Market Research, pages 939-967, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-57413-4_29
    DOI: 10.1007/978-3-319-57413-4_29
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