Market Segmentation is very important when it comes to business. A company should identify which market segment, in other words which group of people they are going to aim their product at. This will direct the companies focus and help them determine what message they need to convey to gain interest in their product. A business will make a greater impact doing this than if it were to try and appeal to everyone. People have very different wants and needs from each other so it would be silly to try to please them all with the one product.
A way to remember this is the story of ‘The Elephant and the Stilettos’. A slight woman in stilettos walks into a room followed by an elephant. They walk around the room which has a wooden floor, then leave. The only way you would know that they’d been in the room would be the marks left on the wooden floor made by the woman’s stilettos. The elephant doesn’t leave a mark as his weight is spread evenly but because the woman’s weight it focused on the one point she makes an impact.
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