Market segmentation is the process of dividing the market of a company or a product and service into subgroups of segments. These segments are formed on the basis of the common characteristics of the individuals in the market and their needs of preferences, in order to gain competitive advantage. These characteristics can be based on demographic, psychographic and geographic elements. The segmentation approach pertains to targeting the selected segments of the market with a specific customized marketing strategy.
The segmentation of the target market for the Body Shop Company can be performed according to different segment based variables. These variables can take the form of demographic, geographic, psychographic, behavioral variables as well as the past business history of the customers. Aside from this a mixed segmentation composing of multiple variables can also be achieved.
Currently the market for the cosmetics and personal care market is depicting a sharp interest and positive attitude towards investing in treatment based products. This market is of considerable size as the age limit for the market has blurred. People are now investing in their looks and appearances from their teenage years and the trend depicts that they are likely to continue this till their old age. This is true for both the males and the females in the market. As this market grows older in age they are likely to keep up the trend and demand for anti aging products is going to increase dramatically. Already the trend is evident with increasing awareness in the consumers.
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