Market segmentation is the process of dividing a total market (or sub-market) using the principles identified above in order to create one or more homogeneous groups or segments that can then be targeted effectively, based on the accessibility of these customers and the resources of the organization.

Segmentation research began in 1956 and, just like many principles in marketing, emerged from the academic discipline of economics. Segmentation is the key that unlocks the door to a group of consumers for an organization; it must then be backed by appropriate targeting (choice and combination of media channels to use, packaging, timing of launch, etc.) and the wider issue of positioning the organization in the marketplace as either a cost-leader or differentiator.

Almost everyone is in the market for one or more aspects of heritage, directly or indirectly, whether this is gained personally, locally, nationally or internationally. At the very least, the vast majority of people around the world will be exposed at some point in their lives or throughout their lifetime, either through an educational link or tourism (or perhaps just stories and rituals that are handed down ), to something from the past no one can really get away from the past.

Research into segmentation and its application for organizations has advanced considerably over the years. At a recent conference in the UK, I was impressed by one of the foremost researchers on strategic marketing, Lyndon Simkin, and his thoughts on segmentation as a systematic...