Mika
VIP Contributor
You walk past KFC outlet, from the glass window you see tables occupied. After a while, you reach a busy marketplace and see people rushing to buy from the food cart. The KFC and the food cart, both are doing business, both might be profiting, but what is the basic difference between these two businesses?
Those who are eating at KFC may never buy from a food cart and those who are buying from a food cart may not afford to eat at KFC. These two groups of people come from two different economic backgrounds.
When a business knows their customers and use the marketing methods that reach their target customers, they can succeed. Finding the target customers and reaching out to the target customers is called market segmentation.
Market segmentation is very important to become successful in your business venture.
Those who are eating at KFC may never buy from a food cart and those who are buying from a food cart may not afford to eat at KFC. These two groups of people come from two different economic backgrounds.
When a business knows their customers and use the marketing methods that reach their target customers, they can succeed. Finding the target customers and reaching out to the target customers is called market segmentation.
Market segmentation is very important to become successful in your business venture.