One of the core responsibilities of Marketing in an organization is to effectively define and track the marketing segments. This is far more than just an academic exercise, but is essential to many other key tasks within a company.
Segmentation is crucial to effective pricing strategies. You can often target addressable segments with different prices, giving opportunities to both increase volume (units shipped) and profit. By having a well established segmentation model for your business, you can then work on fencing strategies to maximize your revenue and profit in pricing.