Market Segment

A Market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. Market segmentation is the process in marketing of dividing a market into distinct subsets (segments) that behave in the same way or have similar needs. Because each segment is fairly in their needs and attitudes, they are likely to respond similarly to a given marketing strategy. That is, they are likely to have similar feelings and ideas about a marketing mix comprised of a given product or service, sold at a given price, distributed in a certain way and promoted in a certain way.
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a group or sector within a heterogeneous market consisting of consumers or organisations with relatively homogeneous needs and wants; those within a market who will respond to a given set of marketing stimuli in a particular way. See Market Segmentation.