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In many sectors, companies are increasingly competing for customers with their offers. These customers in turn have very different individual needs, requirements and attitudes. Due to this increasing heterogeneity of potential and actual customers, it is becoming more and more difficult for companies to reach the market as a whole with a single offer. Instead, there is an increasing demand for products and services that specifically address certain groups of buyers. This is where market segmentation comes into play.
With this method, people are grouped according to certain characteristics into individual, relatively homogeneous groups that are as heterogeneous as possible. This division allows for more efficient market cultivation because the target groups in a submarket can be better understood, more specifically served with products tailored to their needs and more easily encouraged to buy with the appropriate advertising. Market segmentation also enables the identification of previously ignored submarkets and the correct positioning of new products. In contrast to customer segmentation, which focuses exclusively on the current customer base, market segmentation includes all potential, existing and former customers.