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Market segmentation is the dividing of markets into more defined niches. Research is usually conducted to segment these groups by demography and geography. Depending on the product there can be more than one segmented market that fits the needs of the marketer.
Wiki User
∙ 12y ago
Wiki User
∙ 9y agoA marketing segmentation is a kind of strategy in marketing. It involves broad target market dividing into subsets consumers that have the same priorities and needs then afterwards make a design and implement strategies to target them.
Wiki User
∙ 13y agoIn simple terms, Market segmentation is taking a larger part of the "pie" that is your market, and drilling down so that you can market specifically to the group that is making the decisions on your product.
For example, let's say you have a product that is good for families. That is an enormous, ridiculous market to reach. There are very few strategies that will work to reach "families". It is simply too broad.
So what is your product? What are the characteristics? Go to the grocery store and take a look around you. Take a look at children's snacks. The ones that are emblazened with the latest characters from Disney. Are those products targeted at "families"? They are not. Those products are designed to appeal to the smallest decision makers in the family, and they are ALWAYS placed very low on the shelves. Coincidence? These products did not set out to market to "families", they set out to market to children who are in the grocery stores with their parents. That is an example of market segmentation.
How do you do your own market segmentation? It is quite easy to complete. First off, evaluate your product or service and evaluate all aspects of it. Here are some questions to ask:
- Is it a physical product (look at design) or a service (look at the need it fills)
- Who does the design or need appeal to?
Then look at that segment
- Where do the members of that segment congregate either online or offline
- What are the interests of that group? Is there crossover potential
Finally, make sure that none of your marketing money or actions are wasted.
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What is The Marketing Segmentation and Positioning Process?
segmentation, differentiation, positioning
What is the shortest definition of marketing segmentation?
fail....
What is segmentation in marketing?
segmentation in marketing means dividing the prospective buyers into groups who all have a common interest and will react similarly to any market changes.
Is the process of identifying factors that can affect marketing success?
Segmentation Analysis
What is capital market segment?
Capital Market Segment is an important concept in marketing is market segmentation. Identifying different groups in a market and subdividing the market into those groups which can be attacked by specially designed marketing strategies explains the concept of segmentation.
What is The Marketing Segmentation and Positioning Process?
segmentation, differentiation, positioning
What has the author Malcolm McDonald written?
Malcolm McDonald has written: 'Marketing plans for service businesses' -- subject(s): Marketing, Planning, Service industries 'Market segmentation' -- subject(s): Marketing, Market segmentation 'Marketing plans that work' -- subject(s): Marketing, Planning 'Market segmentation' -- subject(s): Market segmentation
What is the shortest definition of marketing segmentation?
fail....
What is segmentation in marketing?
segmentation in marketing means dividing the prospective buyers into groups who all have a common interest and will react similarly to any market changes.
Methods of marketing segmentation that restaurants can use to increase sales of its product?
restorent behaviour in segmentation
Why Did Harley Davidson to monitor the marketing segmentation effort of competitors?
ROCK
Is the process of identifying factors that can affect marketing success?
Segmentation Analysis
What has the author Earl E McGuire written?
Earl E. McGuire has written: 'Market segmentation' -- subject(s): Bank marketing, Market segmentation
Provide a brief explanation variable groupings demographic segmentation please?
marketing groupings
What is capital market segment?
Capital Market Segment is an important concept in marketing is market segmentation. Identifying different groups in a market and subdividing the market into those groups which can be attacked by specially designed marketing strategies explains the concept of segmentation.
Can the use of race in the market segmentation be considered as racist?
can the use of market segmentation be considered as racist? Is it important to consider race when marketing a product? When is it appropriate to use race and when is it not?
What is Kentucky Fried Chicken market segmentation?
KFC's, formerly Kentucky Fried Chicken, marketing segmentation is based on the 4 P's; product, price, place and promotion. KFC also uses demographic, geographic and psychographic segmentation.
