Applied Informatics in Marketing Segmentation Models for Oil Industry

Market segmentation is a technique used by companies selling oil products in order to identify their target market and then divide customers into distinct groups or niches. Based on a range of demographics, particular needs, consumption priorities, and other psychographic or behavioural factors, market segmentation generates “subsets” of the market. Ignoring the market segmentation phase in the process of marketing petroleum product is equivalent to completely disregarding the target market, which means the company will have no customers and nothing to sell. Increased competitiveness, customer retention, and, last but not least, the growth of the petroleum product sales market will result from the development of suitable segmentation. Brand loyalty, existing customer loyalty, and differentiation from the competition are all enhanced by using market segmentation techniques. Messages that are effectively communicated will make the promoted products more noticeable.