Market segmentation is the activity of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics. In dividing or segmenting markets, researchers typically look …
The STP approach highlights the three areas of decision-making
The Model-T Ford (1921) is an early example of a mass marketing (undifferentiated segmentation) approach. Initially it was produced only in black.
By the 1930s, Ford was producing Deluxe models in a range of colours such as this Ford Deluxe Coupe (1931)
To estimate market size, a marketer might evaluate the adoption and growth rates of comparable technologies (historical analogy method).