Running head: NEW PRODUCT MARKET SEGMENTATION Student Instructor Course Date of Submission 1 NEW PRODUCT MARKET SEGMENTATION 2 Introduction Each and every customer has varied likes and dislikes. Some clients are likely to have similar reaction to the products and customers might have same response to daily products for example clothes. Market segmentation changes and transforms marketing into science. Market segmentation isolates the sector of a given business into smaller portions known as segments. Each section has a gathering of customers who are free to react to specific market exercises. Launching of a new product into market requires three basic things which include: segmentation of market, targeting the market and finally positioning the product. Segmentation Segmentation of a market is a process of dividing the potential clients into some groups basing on the common characteristics. It is prudent because it gives a sense of number of clients who are looking for same products for the common requirement thus helping the organization to decide on the specifications of products and can forecast sales for financial feasibility. The producer can decide to produce different products so that in case one fails, the rest will respond well. For instance, a smartphones was categorized differently and come with unique features for the clients (McDonald, 2012). Segmentation is well done by looking the availability of market and specific features of the item. The geographical ...
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