When it comes to marketing strategies, most people spontaneously think about the 4P (Product, Price, Place, Promotion) ¡V maybe extended by three more Ps for marketing services (People, Processes, Physical Evidence).
Market segmentation and the identification of target markets, however, are an important element of each marketing strategy. They are the basis for determining any particular marketing mix.
Market segmentation as defined by Kotler, is the segmentation of markets into homogenous groups of customers, each of them reacting differently to promotion, communication, pricing and…
