Some firms choose market segments using only macro bases of segmentation, others use both macro and micro bases for segmenting the market. As a business marketing manager, would you prefer to use only...

MARKET SEGMENTATION
Table of Contents
Introduction    3
Justification for Using both Micro and Macro Bases of Market Segmentation    3
Conclusion    5
References    6
Introduction
In the modern business world, where the needs, preferences and wants of the customers are dynamic, it is essential for marketing managers to gain better insights of the needs and wants of their customers by focusing on effective and efficient market segmentation. Market segmentation in simple words can be described as the process of dividing the target market inro smaller and well-defined categories. With the help of different market segmentation strategies and bases, the customers or audiences can be divided into groups, which have similar interests, needs or demographics. Market segmentation can be either macro market segmentation or micro market segmentation or a combination of both. From my view point as a business marketing manager, I would prefer using both macro and micro bases for market segmentation. Here, an effort has been made to justify the choice.
Justification for Using both Micro and Macro Bases of Market Segmentation
As far as my personal opinion is to be considered, I believe that using both micro and macro bases of market segmentation will help to gather better insights into the target market and will help to understand the market from a holistic view point. While macro segmentation will help to focus on high level of customer data such as language, source and location, micro segmentation will help to focus on customer centric or customer specific data such as history of purchase, preferred products and many more. Using macro segmentation will help to take into consideration the variables like size of the organisation, its location and its industry (Dolnicar, Grün & Leisch, 2018). Geographical segmentation can be done easily with help of macro segmentation. This will help to develop a better understanding of the regional variations in purchasing practices of needs of the customers. Macro segmentation shall further assist to identify the customer groups or segments, which prefer to buy products or services of certain quality, which fist best with their needs.
Micro segmentation on the other hand can be used by business marketing managers to group the buyers into segments based on the market niches. This can be used as a method to come up with personalised marketing campaigns and direct marketing focused on the particular interests and needs of the customers. Micro segmentation will also prove to be beneficial, when it comes to determining the most significant impact of the marketing actions on different sets or groups of potential clients. For a business to establish itself in the market, it is essential not only to focus on the...