Why is segmentation an important idea in marketing?

Companies need to base their strategies on what other companies in their business segment are doing.

Segmentation is a required step of the advertising development strategy.

Segmentation describes the critical process of influencing how consumers perceive your product.

Segmentation helps marketers understand the competitive environment it is facing and different types of competitors.

Buyers have different needs and preferences, and a company can be more successful by identifying groups of buyers that have similar needs and preferences.