Market segmentation is not an exact science. Firmographic Segmentation Firmographic segmentation is similar to demographic segmentation.
When defining your product market, there are four important aspects:. Markets should be scrutinized for important differences in buyer attitudes, motivations, values, usage patterns, aesthetic preferences, or degree of susceptibility. Module 3: Following are 4 criteria that strong market segments have in common: While typically a subset of demographics, geographic segmentation is typically the easiest.
Brand Experience What is Market Segmentation? By working closely with your customers, you may find new and innovative ways to better satisfy your target market. New Last Week 659. Each segment of consumers should be relatively unique, as compared to the other segments that have been constructed.
Rambler and Volkswagen have been successful because so many people in this segment were dissatisfied. How much? The firm needs to be able to implement a distinctive marketing mix for each market segment.
Group Customers into Homogeneous Micro Segments In this stage of the segmentation process, your goal is the find customers who have similar needs that will respond to a marketing mix in a predictable manner. His first job should be to muster all probable segmentation and then choose the most meaningful ones to work with.
Join Demand Metric. Use this quiz to check your understanding and decide whether to 1 study the previous section further or 2 move on to the next section.Marketing: Segmentation - Targeting - Positioning
Geographic markets are easily identified, and large amounts of data are usually available. Psychographic Segmentation Psychographic segmentation takes into account the psychological aspects of consumer behavior by dividing markets according to lifestyle, personality traits, values, opinions, and interests of consumers.
A modern census contains useful data, but it identifies neither the crucial issues of an election, nor those groups whose voting habits are still fluid, nor the needs, values, and attitudes that influence how those groups will vote.
Discuss the opportunity to aggregate customers into market segments with your Information Technology leaders, as they should have some experience with gathering the data you need.