Market research is an essential tool for businesses, helping them to understand their customers and make better-informed decisions. Segmentation studies are a type of market research that involves dividing the market into different groups, based on factors such as demographics, needs, and behaviors. This can be helpful for businesses because it allows them to tailor their products and services to specific groups of people. For example, a luxury brand might segment its market based on income levels, so that it can target its advertising towards people who can afford its products. Segmentation studies can also provide insights into trends and changes in the market, which can help businesses to stay ahead of the competition.