Can You Discuss The Appropriate Strategies That Are Usually Used In Market Segmentation?

There are various strategies which you can use to go for proper market segmentation. You have to group the consumers on the basis of demographics, psychographics and behavioral characteristics of the people. Before, doing that you should keep in mind some important stuff like there should be complete homogeneity within each consumer segment. For example, if you have segmented on the basis of income then within the income range of $5000 to $1000 only those consumers should be counted which have this income range. Make one variable dominant while segmenting like do not go for income and age variables side by side. Secondly, there should be considerable heterogeneity between segments. Thirdly, all of your segments should be measurable and identifiable. Segments should be based on the permanent characteristics of variables which will remain stable over time. Moreover, customers' segments should be accessible, actionable and large enough to be profitable.