There are eight steps in a typical market segmentation which as follows,

The marketing personnel recognize various alternatives to segment the market and create profiles for market segments that have emerged. Market segmentation is the process in which groups of individuals or organizations that play an important role in determining the marketing strategy are identified. Through segmentation, different markets are classified into smaller and similar submarkets.

New products are completely new in the market which were not introduced earlier. New product development is a risky process. So, the marketer takes crucial steps before launching a new product in the market by working on new product development programmer which satisfies the needs of the customers and increases the returns of the companies.

The Product Mix concept refers to the total products offered by an organization. A product line is a group of products within the product mix that can be classified together on account of criteria like customer needs, market served, channel used or technology employed.

The stages through which individual products pass through during a particular period of time is called as “product life-cycle”.

A product is defined as an offering made by the company in the market for satisfying the needs and wants of the consumers. A tangible product consists of watches, pens, tables, chairs, automobiles etc., and intangible services consists of doctor’s service, insurance, health care benefits etc.

Methods for Studying Consumer Behaviour The various methods which help in studying consumer behaviour are categorized into three major methodological approaches,

A market is a place wherein all the buyers and sellers assemble together for buying and selling their products or services. The marketers usually use the term ‘market’ for dealing with different types of customers. The consumer markets are the markets wherein, the firms sell large consumer goods and services like, soft drinks, cosmetics, air

Before selecting a brand, the customers examine the products and brands with regard to their attributes, prices and suppliers. Their decision for selecting brands rely mainly on the maximization of value. The products which deliver higher value when compared to other products are selected by the customers. The companies offering “highest customer perceived value” will