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What is meant by the concept of `customer value` in marketing?

What is Market Segmentation and why do marketers do it ?Market segmentation is a technique where people share products of different people and organizations which have one or more characteristics which develop their needs and services . A true market segment requires perfection in many areas , it is different in terms of packaging and advertising from other segments , it is homogenous and it responds to the market stimulus . The term is used usually when the criteria of the consumers is divided into groups of identical products so that they could be charged at various amounts .Market segmenting is a process in which the company divides the market into two distinct groups , wants and needs , behavior and the services required or rendered in the market . This division of the market is done on the basis of its requirement by the public and this has a purpose or an objective (Margarella , 2003 . These are divided on general criteria and are done by the industry . The process of segmentation is very different from targeting a product but it is the positioning of designing of an appropriate market mix for each segment . The overall intention or the goal which is to be achieved is to target the groups of similar customers or potential customers . The segmentation is a benefit for the customers because improved segmentation can increase the satisfaction of the customers by giving the right product on the right place at the right time and in the right price to them . This helps in…

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