Market segmentation is the process of dividing a larger market into smaller groups based on similar needs or characteristics. There are several synonyms for market segmentation including customer segmentation, market targeting, and audience segmentation. The goal of market segmentation is to create a more personalized marketing strategy that resonates with specific groups of individuals. By understanding the needs and preferences of these groups, businesses can tailor their messaging and positioning to better connect with their target demographic. Effective market segmentation can lead to increased customer loyalty, higher customer lifetime value, and a stronger competitive position within the marketplace.