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Segmenting involves breaking the consumer universe down into manageable market segments. The goal is to reach the most highly responsive consumers at the least cost. There are an infinite number of segments that an organization might choose for its marketing efforts, and various ways in which segmentation may be approached.

Demographic segmentation, for example, breaks the market down in terms of various demographic characteristics such as age, gender, race, marital status, income, education, and occupation.

Psychographic segmentation, by contrast, breaks the market down in terms of activities, interests, and opinions (AIO). An example of psychographic segmentation would be a sports retailer appealing to individuals who enjoy rock climbing.

For market segmentation to be effective, Charles D. Schewe and Alexander Hiam, authors of The Portable MBA in Marketing, suggest certain criteria must be met. They include:

• The market must be identifiable and measurable. Segmentation needs to be based on some shared characteristic (e.g., enjoying country music or being a teenager).

• The segment must be large enough to be profitable.

• The market must be reachable. Marketers can reach females between the ages of 25 to 40 without much trouble, but attempting to reach 15-year-old redheaded boys or mothers of lactose intolerant children who enjoy cooking will be more challenging.

• The segment must be responsive. Young women in their early twenties might be a promising segment for a high-end hair product, but not if they’re in college and struggling to pay rent and tuition.

• The segment must not be expected to change quickly.

Segmentation may also be based on internal information. Usage patterns may suggest certain segments of customers who are more responsive (e.g., heavy users of a particular product). There are infinite possibilities involved in identifying market segments, as segments may be comprised of psychographic, demographic, and usage criteria in various combinations. Once these possibilities have been identified, the next step for the marketer is to determine which segments to target.