Market Segmentation Assignment Help
The basic meaning of segmentation is to make segments or have division of something. Thus the combined meaning of Market segmentation is to have the segments of broad market (either consumer based or business based). While dividing or segmenting markets some common characteristics like shared needs, common interests, similar lifestyles or demographic profiles are put into mind by the researchers. The aim of such segmenting process is to analyze high yield segments i.e. which segment is the most profitable or having potential to grow such that it can be included under target markets).
MARKET SEGMENTATION ASSIGNMENT HELP includes different ways to segment a market for example B2B (i.e. Business to Business) sellers used to segment a market on the basis of different businesses or sometimes countries also. While on the other hand, B2C (i.e. Business to Consumer) sellers segment a market on the basis of or in the forms of:
- demographic segments is that segment which demands the products as per the characteristics such as age, gender, family size, family life cycle, income, occupation, education, religion, race, and nationality etc.-as the demand of the products is different for such different groups),
- Lifestyle segments
- Behavioral segments
this branch of segment is related with the attitude or demand of customer or knowledge, occasion for such particular purchases, or even brand loyalty also.
- And many other meaningful segments including geographic, psychographic- social status, lifestyle etc.
Consumer-based Segmentations includes:
- GENERATIONAL SEGMENTS focuses on the people having comparable birth date or age. It deals with that particular group of people having similar age, attitude, providing values or even way of looking at variety of products for fulfilling their needs.
- CULTURAL SEGMENTATION focuses on culture-based criteria where state, region, suburb and neighborhood are included. It divides the market as per the cultural origin. It includes the group of people following a certain behavior due to their cultural rituals or regulations.
- ON-LINE CUSTOMER SEGMENTATION includes important and noticeable features such as one-click access to the data, products or services leading to quick and affective results. It , thereby, offers a great opportunity for the customers to compare the prices of different products being offered by different companies and thus choose the best they need or want. Depending on the types of customers or the way how they look while selecting any product for themselves, there are six categories of on-line customers i.e. Simplifiers, Surfers, Bargainers, Connectors, Routiners, and Sportsters.
Market segmentation is that process in which mass of markets are grouped or segmented into similar needs or wants. Different market segments require different marketing programs like different offers, prices, or even combination of marketing variables that is required as per the use and need of that particular product in daily routine works. Market segmentation help to enhance profiles of such different segments so that needs and purchase motivations can be understood. Or in other words, one can say that segmentation analysis can be used to provide brace the marketing strategies, its development and also the planning to enhance the overall profit.
Sometimes Segmentation→ Targeting → Positioning (the STP approach) are used by the marketers for planning their marketing objectives. This STP approach helps the marketers to set the priorities, and then develop their strategies and to organize relevant messages to have gain with different audiences i.e. one or more segments are selected for targeting and the products are thus positioned in a way that follows the target market. The process of segmentation comprises of recognizing the market to be segmented; the whole analysis is needed to be there such as identification, selection and application that could be used in segmentation and thus the application is made based on the development of profiles. Targeting concentrates on complete analysis of different segment's attractiveness. And Positioning concentrates on identifying ideal position and appropriate marketing schemes or programs for the development of such segments.
- The very First step in the selection of Target Market is to select a target market for that particular product which you want to sell. In order to do this, you need to first understand the deep regulations of handling the market rules otherwise it going to be a tough process.
As per the definition of target market selection- It is that set of customers on whom a business decides or aims its marketing strategies and focus on its efforts towards that group. Thus, Target Market is a basic need or the first element in the field of marketing strategies of any product to have its sale. One of most important consequences of selecting targeting market that it also provides an emerging field for the students which offer them variety of job opportunities.