A market segment is a sub-set of a market made up of people or organizations sharing with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function (Wikipedia, 2010). Markets Segments can be separated into: • geographic segmentations (i.e. their location),
• demographic/socio-economic segmentation (gender, age, income occupation, education, sexual orientation, household size, and stage in the family life cycle), • psychographic segmentation (i.e. similar attitudes, values, and lifestyles), • behavioral segmentation (i.e. occasions, degree of loyalty), • product-related segmentation (relationship to a product) Which is the market segment of a company’s product. The specific market segment that Shoes by Design is targeting low and middle class women across the United States and Europe. This market segment includes women from ages sixteen and older of which can benefit from comfortable and cute shoes. The following chart shows each segment of the market for Shoes by Design: geographic segmentations - United States and Europe
• demographic/socio-economic segmentation-low to middle income, all ethnic backgrounds, ages sixteen and older • psychographic segmentation- stylishly fashionable women
• behavioral segmentation - likes of going out and looking cute, but comfortable Target Market
A target market or target audience is a group of customers that the business has decided to aim its marketing efforts...