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Examines alternate segmentation strategies in the standard industrial products market. Using data obtained from 164 Indian industrial buyers, provides several empirical tests of a widely held belief that traditional segmentation approaches may serve as effective surrogate measures for distinct benefit segments. Results suggest that the link between traditional and benefit segmentation approaches are far weaker than might be expected. There is no strong empirical evidence supporting the proposition that benefit segments derived from cluster analysis are dependent on sales volume, industry type, characteristics of purchasing agents, and other potential correlates of benefit segments. The findings have implications for both academics and practitioners in industrial marketing.