Mastering Market Segmentation Strategies: Targeting the Right Audience Market segmentation is a cornerstone of effective marketing strategy. It involves dividing a broad target market into subsets of consumers who have common needs, preferences, or characteristics. Understanding market segmentation strategies is crucial for devising successful marketing campaigns and maximizing return on investment. In this comprehensive guide, we'll delve into the fundamentals of market segmentation, explore various segmentation strategies, and discuss how to effectively target the right audience. Understanding Market Segmentation: Definition: Market segmentation is the process of dividing a heterogeneous market into smaller, more homogeneous groups based on certain criteria. Importance: Segmentation allows businesses to identify and understand the unique needs and preferences of different consumer segments, enabling more personalized marketing efforts. Types of Segmentation: Demographic Seg