Market segmentation plays a huge role in marketing. It is by definition, the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. By doing this a company is able to focus more on a distinct group or segment and more effectively meet consumers' specific needs. Tiffany & Co. uses segmentation by focusing on its key demographic, which often contains wealthier females, ages 27-54, who usually have high interest in fashion and luxury items.
With the development of the company, the demographics have greatly expanded. New lines of products and merchandise have been added, designed for new focus segments including men and young adults. Wallets and watches for men have become very popular, along with more young adult appropriate jewelry, both in style and affordability.
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