The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs is called market segmentation.
It also means the process of studying the industry in which a firm intends to compete to determine he different potential target markets in that industry. Market can be segmented in many ways, such as by geography (city, state, country), demographic variables (ages, gender, income), psychographic variables (personality, lifestyle, values), and so forth. Sometimes a firm segments its market on more than one dimension to drill down to a specific segment that the firm thinks it is uniquely capable of serving.
Market segmentation is the process of dividing a total market into several relatively homogeneous groups
Market segmentation is the process of dividing up a total market into subgroups with similar characteristics.