Despite the significance of Artificial Neural Network (ANN) algorithm to market segmentation, there is a need of a comprehensive literature review and a classification system for it towards identification of future trend of market segmentation research. The present work is the first identifiable academic literature review of the application of neural network based techniques to segmentation. Our study has provided an academic database of literature between the periods of 2000–2010 and proposed a classification scheme for the articles. One thousands (1000) articles have been identified, and around 100 relevant selected articles have been subsequently reviewed and classified based on the major focus of each paper. Findings of this study indicated that the research area of ANN based applications are receiving most research attention and self organizing map based applications are second in position to be used in segmentation. The commonly used models for market segmentation are data mining, intelligent system etc.

Chattopadhyay, M., Dan, P., Majumdar, S & Kolkata-700104, P. (2012). Application of neural network in market segmentation: A review on recent trends.Management Science Letters, 2(2), 425-438.

Aaker, D. A. (2001). Strategic Market Management. New York: John Wiley and Son.

Anil, C., Carroll, D., Green, P. E., & Rotondo, J. A. (1997). A feature-based approach to market segmentation via overlapping K-centroids clustering. Journal of Marketing Research, 34 , 370–377.

Baesens B., Viaene S., Poel D. V. den, Vanthienen J., & Dedene G. (2002). Bayesian neural network learning for repeat purchase modelling in direct marketing, European Journal of Operational Research, 138(1), 191-211

Balakrishnan, P.V., Cooper, M. C., & Jacob, V. S. (1994). A study of classification capabilities of neural networks using unsupervised learning: A comparison with K-means clustering. Psychometrika, l59(4), 509–525.

Balakrishnan, P.V., Cooper, M.C., Jacob, V.S., Lewis, P.A. (1996). Comparative performance of the FSCL neural net and K-means algorithm for market segmentation. European Journal of Operational Research, 93, 346-357.

Bigné, E., Aldas-Manzano, J., Küster, I., & Vila, N. (2010). Mature market segmentation: a comparison of artificial neural networks and traditional methods. Neural Computing & Applications, 19(1), 1-11.

Bloom Jonathan, Z. (2005). MARKET SEGMENTATION: A Neural Network Application. Annals of Tourism Research, 32(1), 93-111.

Boone D. S., & Roehm M., (2002).Retail segmentation using artificial neural networks. International Journal of Research in Marketing, 19(3), 287-301.

Changchien S. W., & Lu, T-C., (2001). Mining association rules procedure to support on-line recommendation by customers and products fragmentation, Expert Systems with Applications, 20(4), 325-335.

Chan, C. C. H. (2008). Intelligent value-based customer segmentation method for campaign management: A case study of automobile retailer. Expert Systems with Applications, 34(4), 2754-2762.

Chen, C-H, Khoo, L. P., & Yan W. (2002). A strategy for acquiring customer requirement patterns using laddering technique and ART2 neural network. Advanced Engineering Informatics, 16(3), 229-240.

Chen, Y-K, Wang, C.Y., & Feng, Y.-Y. (2010). Application of a 3NN+1 based CBR system to segmentation of the notebook computers market. Expert Systems with Applications, 37(1), 276-281.

Chiu, C.-Y., Chen, Y.-F., Kuo, I.-T., Ku, H. C. (2009). An intelligent market segmentation system using k-means and particle swarm optimization. Expert Systems with Applications, 36(3-Part1), 4558-4565.

Croft, M. J. (1994). Market segmentation: A step-by-step guide to profitable new business. London, New York: Routledge.

Dillon, W. R., Kumar, A., & Borrero, M. S. (1993). Capterin individual differences in paired comparisons: an extended BTL model incorporating descriptor variables. Journal of Marketing Research, 30, 42–51.

Hanafizadeh P., Ravasan A. Z., & Khaki H. R., (2010). An expert system for perfume selection using artificial neural network Expert Systems with Applications, 37(12), 8879-8887.

Hanafizadeh P., & Mirzazadeh M., (2011). Visualizing market segmentation using self-organizing maps and Fuzzy Delphi method – ADSL market of a telecommunication company. Expert Systems with Applications, 38(1), 198-205.

Huang J-J., Tzeng G-H., & Ong C-S. (2007). Marketing segmentation using support vector clustering. Expert Systems with Applications, 32(2), 313-317.

Kaefer F., Heilman C. M., & Ramenofsky S. D. (2005). A neural network application to consumer classification to improve the timing of direct marketing activities. Computers & Operations Research, 32(10), 2595-2615.

Kauko T.,, Hooimeijer P., & Hakfoort J. (2002). Capturing housing market segmentation: An lternative pproach based on neural network modeling. Housing Studies, 17(6), 875 – 894.Kiang M. Y., Hu M. Y., & Fisher D. M. (2006). An extended self-organizing map network for market segmentation—a telecommunication example. Decision Support Systems, 42(1), 36-47.

Kim Y-S., & Street W. N., (2004). An intelligent system for customer targeting: a data mining approach. Decision Support Systems, 37(2), 215-228.

Kim YS, Street W. N., Russell G.J., & Menczer F., (2005).Customer Targeting: A Neural Network Approach Guided by Genetic Algorithms, Management Science, 51(2), 264-276

Kotler, P., & Gordon, M. (1983). Principles of Market. Canada: Prentice Hall.

Kotler, P. (1997). Marketing Management: Analysis, Planning, Implementation, and Control (9th ed). Upper Saddle River, NJ: Prentice Hall.

Kotler, P. (2000). Marketing Management. Prentice Hall, pp.172.

Kuo R. J., Ho L. M., & Hu C. M. (2002a). Integration of self-organizing feature map and K-means algorithm for market segmentation. Computers & Operations Research 29(11), 1475-1493.

Kuo R. J., Ho L. M., & Hu C. M. (2002b). Cluster analysis in industrial market segmentation through artificial neural network. Computers & Industrial Engineering, 42(2-4), 391-399.

Kuo R.J., An Y.L., Wang H.S., & Chung W.J. (2006). Integration of self-organizing feature maps neural network and genetic K-means algorithm for market segmentation. Expert Systems with Applications, 30(2), pp. 313-324.

Kuo R. J., Chang K., & Chien S.Y. (2004). Integration of self-organizing feature maps and genetic-algorithm-based clustering method for market segmentation. Journal of Organizational Computing and Electronic Commerce, 14(1), 43 – 60.

Lee, R. C. T., Slagle, J. R., & Blum, H. (1977). A triangulation method for the sequential mapping of points from Nspace to two-space. IEEE Transactions on Computers, 26, 288–292.

Lee W-I., Shih B-Y., Chung Y-S., (2008). The exploration of consumers’ behavior in choosing hospital by the application of neural network. Expert Systems with Applications, 34(2), 806-816.

Lewis O.M., Ware J.A. and Jenkins D.H., (2001). Identification of residential property sub-Markets using volutionary and neural omputing techniques. Neural Computing & Applications, 10(2), 108-119.

MacQueen, J. (1967). Some methods for classification and analysis of multivariate observations. In Le Cam, L.M., & Neyman, J. (Eds.), Proceedings of the Fifth Berkeley Symposium on Mathematical Statistics and Probability, Vol. 1 (pp. 281-297). Berkeley: University of California Press.

Mazanec J. A., (2001). Neural market structure analysis: Novel topology-sensitive methodology, European Journal of Marketing, 35(7/8), 894 – 916.

Mo J., Kiang M. Y., Zou P., and Li Y., (2010). A two-stage clustering approach for multi-region segmentation, Expert Systems with Applications,37(10), 7120-7131.

Myers, J. H. (1996). Segmentation and positioning for strategic marketing decisions. Chicago: American Marketing Association.

O’Connor, G. C., & O’Keefe, B. (1997).Viewing the web as a marketplace: the case of small companies. Decision Support Systems, 21(3), 171–183.

Pykett, C. E. (1978). Improving the efficiency of Sammon’s nonlinear mapping by using clustering archetypes. Electronics Letters, 14, 799–800.

Reutterer T., Mild A., Natter M., & Taudes A., (2006). A dynamic segmentation approach for targeting and customizing direct marketing campaigns. Journal of Interactive Marketing, 20(3-4), 43-57.

Smith, W.R. (1956). Product differentiation and market segmentation as an alternative marketing strategy. Journal of Marketing, 21, 3-8.

Stewart D. W., & Zinkhan G. M. (2006). Enhancing marketing theory in academic research. Journal of the Academy of Marketing Science, 34(4), 477-480.

Tsai C.Y., & Chiu C. C., (2004).A purchase-based market segmentation methodology. Expert Systems with Applications, 27(2), 265-276

Vellido, A., Lisboa, P. J. G., & Vaughan, J. (1999). Neural networks in business: a survey of applications (1992- 1998). Expert Systems with Applications, 17(1), 51–70.

Wang C-H., (2009). Outlier identification and market segmentation using kernel-based clustering techniques. Expert Systems with Applications, 36(2-Part 2), 3744-3750.

Weinstein, A. (1987). Market segmentation: Using Niche marketing to exploit new markets. Chicago: Probus.

Wedel, M., & Kamakura, W. A. (1998). Market segmentation: conceptual and methodological foundations. Boston:Kluwer Academic.

Wedel, M., & Kamakura, W. A. (2000). Market segmentation: conceptual and methodological foundations. Boston:Kluwer Academic.