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Market Segmentation

1. IntroductionMarket segmentation is a fundamental concept in strategic management and marketing that enables organisations to divide heterogeneous markets into smaller, more homogeneous groups of customers with similar needs, characteristics, or behaviours. Rather than treating the market as a single mass, segmentation allows firms to tailor products, services, and strategies to specific customer groups, thereby improving customer satisfaction and competitive advantage (Kotler and Keller, 2016). In increasingly complex and globalised markets, customer needs and preferences are diverse and constantly evolving. Technological change, demographic shifts, and...…