Jean Yip – market segmentation
Market segmentation can be based on five criteria. These segments must be measurable, substantial, accessible, differentiable and actionable in order to engage in target marketing.
A criterion of the market segment would be the measurability of the potential market. There is an available market to tap on in Singapore. Everybody needs a hair-cut and the Believers are a likely target for Jean Yip. It constitutes a large market as their purchasing power is average or above average which falls into the category of Jean Yip customers. Furthermore, the Believers are conservative and traditional who believe in established brands. Jean Yip Group, an established brand (founded since 28 years ago); had started from a neighbourhood salon to almost 60 outlets island-wide. This brand would appeal to the Believers. Being believers of repeated products, they would be the more likely target market for Jean Yip as they are motivated by ideals and low resources. Furthermore, they can serve as a steady business to Jean Yip Group’s 60 outlets which are easily accessible by anybody. – valid points as this segment is large and attractive to target.
A second criterion of the market segment would be the whether the marketing campaigns are actionable. The marketing campaigns have to be formulated to attract and serve the potential market. The marketing campaigns have to target the 4Ps, namely the product, price, promotion and place. Jean Yip’s hair-styling service is the product and there should be differentiation from other hair salons. It can be done through branding of its salons through various television programmes which showcase various hair styles. These programmes can engage Jean Yip as its ambassador and thus, create a positive impression that Jean Yip is a reputable and established brand that people can sought after. This is applicable to the Believers who believe in recognized brands. Under price and promotions, Jean Yip also advertises...
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