A market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
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Market segment example</h3>
For example, in the fashion industry, a company that designs only female clothing can be said to be focused on just one segment. In this case, the characteristics of the market segment are that they share the same gender and colour preferences. Another example of market segmentation can be seen in the automobile industry. If company A specializes in manufacturing luxury cars demanded by high-worth individuals, they're thus focused on the luxury car segment. Meanwhile, another company, let's say company B manufactures only trucks, often demanded by low to middle-income individuals, they're thus operating in a different market segment.
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