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Meaning & use

market segment

noun·Advancedbusiness

Last updated

UK/ˈmɑːkɪt ˌseɡmənt/
US/ˈmɑːrkɪt ˌseɡmənt/

Meaning

  1. nouncountablebusiness

    A group of customers within a market who share similar needs, interests, or characteristics.

    Grammar: Countable: a market segment, several market segments. Often followed by 'of' or a noun: the youth market segment.

    Patterns

    • a market segment
    • target a market segment
    • the ... market segment

    The company decided to focus on the health-conscious market segment.

    Teenagers form a key market segment for this brand.

    They identified a new market segment of older customers who want simple technology.

Word forms

pluralmarket segments

Common combinations

target a market segment
The ad campaign was designed to target a younger market segment.
a key market segment
Working parents are a key market segment for the delivery service.
divide into market segments
The firm divided the market into several segments based on income.
niche market segment
They found success in a niche market segment for handmade shoes.

Synonyms and how they differ

niche
A small, specialized segment of a market; 'market segment' can be large or small.
target market
The specific group a company aims its products at; a 'market segment' is the group itself, before targeting.

Word family

market segmentation noun
The process of dividing a market into groups of similar customers.
segment verb
To divide something into separate parts.

Commonly confused: market segment or market offering?

market segment vs market offering

A product or service offered to customers; a 'market segment' is the group of customers, not the product.

Practice

Which word best fits: 'The company created a new product specifically for the teenage ______.'?

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