Market Segmentation and Product Targeting at the Conceptual level

in HortTechnology
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  • 1 Assistant Professor, Department of Horticulture, Auburn Univ., Auburn, AL 36849-5408.

Firms have limited resources that cannot be allocated efficiently to the market as a whole, but can be targeted to selected customer groups. Market segmentation is the process of dividing a market into distinct customer components. Selected products and services that best meet the needs of a selected customer group are targeted to that particular segment in a marketing strategy. Market segmentation and product-targeting concepts help management efficiently allocate scarce resources as part of a comprehensive strategy to expand revenues and profits.

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