Experiment

Definition

An experiment in the context of market segmentation is a methodical process businesses use to test different marketing strategies or product features among specific segments of their market to determine what best meets the customers' needs. It involves creating a controlled environment to observe, measure, and analyze the effects of variations on consumer behavior or preferences.

Related terms

Market Segmentation:

The process of dividing a broad consumer or business market into sub-groups of consumers based on some type of shared characteristics.

Target Market:

A specific group of consumers identified as the recipients of a particular marketing message, who are likely to purchase a company's products or services.

Consumer Behavior: The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society