Market Segmentation Strategies: Analysis, Practice, and Marketing Implications

Abstract

The article’s purpose has been to conduct a thorough and analytical review of the academic literature on market segmentation and consumer behavior to unearth emerging issues and trends. The paper begins a brief background on the concept of segmentation and a presentation of the objectives of the article. This is followed by the research methodology used. Next, the article assessed the relevant theoretical framework that underpins segmentation strategies and models. Then, the paper presents a rigorous analysis and synthesis of the extant empirical literature on market segmentation. This is followed by a discussion of emerging trends and issues in the area of market segmentation derived from the literature review. Lastly, the article outlines implications for marketing managers and provides recommendations for action.