Market Segmentation With Respect To University Students

Market segmentation is a marketing approach that includes the identification of different groups of customers with different needs or responses to marketing activity. The market segmentation processes also consider which of these segments to target. Market segmentation is a very important construct when predicting consumers¿ purchasing behavior. Segmentation uses the premise that a consumer market can be identified and divided into segments-based upon consumers¿ characteristics. The importance of indentifying market segments for each product and service has been long understood. People seek benefits from each consumed and this in turn provides a reason for true market segmentation (Haley, 1968).