Essence of Segmentation

·         The world of brands really fascinates me, and  I feel that creation of a brand is full of fantasies. Every time the marketers work on a brand, they come out with strategies, that are just beyond the scope of thinking of common people. To transform a product in to a brand, there are certain prerequisites, the first being the right Segmantation, as only the right consumer segment can appreciate your product and also your brand, thereby building the brand.

·        Segmantation is a process of bringing like-minded people together, so that your brand can cater to thier needs, which are more or less homegenous. Marketers cannot sell everything to everyone. As such, segmentation is the key, where you segment the population on various criteria and parameters, and then target the segment that can be best served by your product. 

Segmantation can be demographic as well as geographic. The marketers generally follow Socio-Economic classification to segment the population. The various Socio-Economic classes (SECs) differ in terms of education, occupation, income and various related parameters. There are five SECs namely A,B,C,D and E. Also, segmentation can be on the basis of social status and as such, there are seven segments like upper upper class,upper middle class,lower middle class, upper lower class and so on.Each of these classes (segments) have different characteristcis and require specific products to fulfill thier needs and expectations.    

 Segmantation is a necessary step in order to target the right customer, and thereby fulfill the sole aim of a business which is sales and henceforth the profits.