is the division of the market into subsets or segments of potential customers who have similar buying behaviour and characteristics

Firms involved in market segmentation should consider the concepts of

,

and

For segmentation to be effective, the following criteria must be present:

,

,

,

,

and

For segmentation to be effective, the following criteria must be present:

,

,

,

,

and

The market is usually segmented on the basis of

,

,

,

and

. Each factor has its own set of characteristics

The market is usually segmented on the basis of

,

,

,

and

. Each factor has its own set of characteristics

A

is the final user of the product even though he/she may not be the one who made the purchase, while the

is the purchaser of the product but may not be the final user

As consumers, we go through different stages before buying a product. While some of these stages are not very distinctive, they include:

,

,

,

and

The consumer’s buying behaviour may be influenced by

,

,

and

, among other things.