I am interested in market segmentation that have covered in class, so I choose to read a external blog post Telecommunication.

Market segmentation is identifying different segments within a market and targeting different products or services to them. This is a widely practiced marketing strategy. An example is that Coca-Cola makes many different flavour drink not just the standard cola. This is because that they want to provide various products for consumers with different taste.
Although there are plenty of methods to identify consumer group, such as ages and gender, the blog post points out that the three main ways to segment consumers are value, behavior, and life cycle. Those three factors are likely to be the most important factors that could affect consumers’ taste.
In my own opinion market segmentation need a great number of market research that could consume lots of money and time. However, this still be a very necessary thing that should be carried out in a company. Business can define their market precisely and design specific products for those groups of people and this will lead to an increase in sales. Besides, business can find a ‘gap’ in the market. Gap means a small group of people that are not currently being targeted. When company finds those ‘gap’ and develops new products, their sales will increase quickly as they have a few competitors in the short run.