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Segmentation is the process of separating market dynamics such as market, brand, product, service and customer into artificial groups – segments – according to similar characteristics in terms of selected criteria. Although there are many types of segmentation market, customer and product segmentations are most commonly used ones.
There are multiple methods of segmentation. Location-based segmentation both considers geography and location to segment consumers or the market. For example, customers’ and/or markets can be segmented by considering factors such as living and working spaces of consumers, and economic geography of the market.