The world has over 6.7 Billion people and is filled with too many diverse groups of people and firms to be satisfied with a single marketing mix strategy that can satisfy everyone.  Unless the product similar to an unbranded, plain labeled package of wooden pencils aimed at the mass market, an attempt to satisfy everyone will likely fail.  Even a product like hand soap is targeted at specific market segments.  Lava soap, for instance is targeted at mechanics and labor workers; Dove targets women; and Irish Spring tends to promote extra sex appeal. 

To capture the lion’s share of the market, firms may try to tailor marketing mix strategies to specific segments of the market.  Market segmentation is the process of dividing the total market into several homogeneous groups.  By adjusting a marketing mix strategy for a specific market segment, companies can focus on satisfying the needs of specific portions of the target market. 

THE MARKETING ANALYSTS use advanced multivariate statistical analysis to segment markets.  Often, our segmentation techniques will combine demographic, psychographic, geographic and perceived product benefit data to identify homogeneous customer groups.    By doing so, we provide marketers with better information to target, attract and capitalize on similarities within a segment.