Marketing Strategy from the Masters (Collection)

23. Market Segmentation for the Twenty-First Century

Marketers are challenged to keep pace with constantly changing consumer buying habits. Consumers are confronted with making choices from an enormous array of new products. The proliferation of new media and access to products and services through new channels has changed the way people buy. All these factors result in fragmentation of market segments and distribution channels and the need for new methods of market segmentation.

One approach that is highly effective is an extension of what marketers call observational research, but it adds a new spin that attaches consumer behavior with brand purpose. The result of successful branding and marketing is customer perception that a product or service ...