Market Segmentation Strategies in Product Management
Market segmentation involves dividing a broad target market into subsets of consumers who have common needs and priorities, and then designing and implementing strategies to target them. Market segmentation allows product managers to tailor marketing efforts and product features to meet the needs of specific groups, improving customer satisfaction and competitive advantage.
Google, for instance, uses market segmentation to tailor its advertising and product offerings. For search advertising, Google segments its market by industry, company size, and user intent, offering customized ad solutions that meet the specific needs of each segment.