Buyers are defined by the ways in which members of the group use a product or perceive its benefits. Buyers are grouped upon lifestyle characteristics such as interests, opinions and activities. Categorizes consumers by the benefits they seek from a Product or Service. Segments must be accessible in terms of being able to communicate to them. Segments must justify their definition by being visible enough to warrant the effort of defining marketing activities to address them.
Demand is to be satisfied with a single product.
Simply stated, a Market Segment is a more detailed and focused view into the composition of a Market. It enables the seller to more accurately identify and know it's customers and therefore design Programs, pricing and promotions to address them. Identify and define potential market segments 2. Identify the needs of prospective customers in the potential markets 3. Create Market Segments based upon these criteria Existing sales channels cannot be expanded indefinitely.