Market Segmentation
The process of dividing the market into small segments based on similar characteristics of consumers.
Market segmentation will be done based on several criteria.
1. Geographical segmentation.(Based on area the consumers live)
2. Demo-graphical segmentation.(Based on consumer characteristic such as: age,gender,life style,etc)
Market Orientation
When the producer give priority to the market needs and wants while producing the product is called as
market orientation.This means they will find the market and produce the product.
Advantages
* Low risk.
* Demand will be high.(because they satisfy consumer needs)
* Less promotion cost.
Disadvantages
* Market research cost is high.
* Producer will not be creative.
* High competition will exist.
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