Knowing your market segmentation will help you target your product, sales, and marketing methods. similar products. Highly Material or Material However, each business is unique, and therefore the classifications may differ. Suppose there is a travel company and a market for destination weddings waiting to be explored. For example, if we were to look at the athletic footwear market, wed discover a variety of different segments: The high school basketball player and retired grandmother both have an interest in athletic sneakers, but for very different reasons. The marketer's task is to identify the appropriate number and nature of market segments and decide which one (s) to target Briefly explain the major bases for segmentation. Share. segments) according to specific characteristics, desires, or needs. Businesses can use the data either by itself or combined with other segmentation criteria for a deeper analysis. Investor Karen Firestone says this group of stocks is the next attractive segment of the market. The Russia-Ukraine War and Post Covid-19 Pandemic are likely to have a negative impact on the Thermoplastic Polyolefin Elastomer market. Market segmentation lets organizations target specific consumer groups with their products, services, and marketing, improving efficiency and profitability. science of using psychology and demographics to better understand consumers. Well, understanding segments can help in a few ways. Step: 3 Understand your market: Ask your customers the right questions, depending on the type you choose. Specify clearly the following: ( if any outside sources are used please provide the sites ). There are different objectives for segmentation of market. Page: 214 false Identify the specific categories and variables and construct a target audience profile (one that may approximate how that organization described you and others in your segment). This could mean making customized products and services, running targeted marketing campaigns, and adjusting pricing strategies to meet the needs and preferences of each segment. Making informed decisions about upcoming operations is made easier with the help of this information for investors and businesses alike.
