What is marketing segmentation?

Answer 1

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.

Answer 2

A 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.

Answer 3

In 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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