Market segmentation is the division of the total market into relatively homogeneous, but distinct segments. It is used to identify target audiences and strengthen a campaign's effectiveness in reaching selected segments. Segments usually respond to campaign elements differently and different techniques are required to reach and motivate various segments.
We will discuss Market Segments and Targets, and we will know:
What are the different levels of market segmentation?
How can a company divide a market into segments?
How should a company choose the most attractive target markets?
What are the requirements for effective segmentation?
Steps in Market Segmentation, Targeting, and Positioning
1. Identify segmentation variables and segment the market
2. Develop profiles of resulting segments
3. Evaluate attractiveness of each segment
4. Select the target segments
5. Identify possible positioning concepts for each target segment
6. Select, develop, and communicate the chosen positioning concept
Before we identify segment market we have to identify Market and know what mean.
“Market: people or institutions with sufficient purchasing power, authority, and willingness to buy” 1
“Market: A aggregate of people who as individual or as originations have need for certain products and the ability willingness and authority to purchase such products” 2
We can say, it’s consisting of all the people or organizations that may have an interest in purchasing a company’s products or services. In other words, a market comprises all customers who have needs that may be fulfilled by an organization’s offerings.
1. “Contemporary Marketing 12e”
2. Marketing Concepts and Strategies (sally Dibb, Lyndon Simkin. Marketing Concepts and Stratigick)
Define Segment Market:
“Segment Marketing: A market segment... [continues]
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