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Market
segmentation is one of the steps that goes into defining
and targeting specific markets. It is the process of
dividing a market into a distinct group of buyers that
require different products or marketing mixes.
A key factor to success in today's market place is finding
subtle differences to give a business the marketing
edge. Businesses that target specialty markets will
promote its products and services more effectively than
a business aiming at the "average" customer.
Opportunities in marketing increase when segmented groups
of clients and customers with varying needs and wants
are recognized. Markets can be segmented or targeted
using a variety of factor. The bases for segmenting
consumer markets include
| Demographical bases |
(age, family size, life cycle, occupation) |
| Geographical bases |
(states, regions, countries) |
| Behavior bases |
(product knowledge, usage, attitudes, responses) |
| Psychographic bases |
(lifestyle, values, personality) |
A business must analyze the needs and wants of different
market segments before determining their own niche.
To be effective in market segmentation keep the following
things in mind:
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- Segments or target markets should be accessible
to the business
- Each segmented group must be large enough to provide
a solid customer base.
- Each segmented group requires a separate marketing
plan.
Large companies segment their markets
by conducting extensive market research projects. This
research is often too expensive for small businesses
to invest in, but there are alternative ways for to
a small business to segment their markets.
A small business can do the following to gain knowledge
and information on how to segment their markets:
Use secondary date resources and qualitative research.
You can use the following resources for external secondary
data:
- Trade and association publications and experts
- Basic research publications
- External measurement services
Conduct informal factor and cluster analysis by:
- Watching key competitors marketing efforts and
copying them.
- Talking to key trade buyers about new product introductions
- · Conducting needs analysis from qualitative
research with individuals and groups.
There are many reasons for dividing a marketing into
smaller segments. Any time you suspect there are significant,
measurable differences in your market you should consider
market segmentation. By doing so you will make marketing
easier, discover niche markets, and become more efficient
with your marketing resources |
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Hands Marketing
