Market Segmentation

Market segmentation is the process of partitioning markets into groups of potential customers with similar needs or characteristics who are likely to exhibit similar purchase behavior.

Market segmentation requires a major commitment by management to customer-oriented planning, research, implementation and control.

There are four major benefits of market segmentation analysis and strategy:

Designing responsive products to meet the needs of the marketplace.

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Developing effective and cost-efficient promotional tactics & campaigns. Gauging your companys market position how your company is perceived by its customers and potential customers relative to the competition.

Fine-tuning current marketing strategies

A three-step process is used to develop a market segmentation strategy:

1. Segment Identification determining a given number of homogeneous market segments based on selected segmentation variables and criteria. Segments should be customer-focused, a justifiable size, distinguishable, accessible, accountable & profitable.

2. Market Selection selecting one or more groups to target for marketing activity. You must make strategic choices based on customer needs, competitive opportunities, corporate objectives, and your firms financial, technical andmarketing resources.

3. Positioning carving out a market niche for your firm. This may be accomplished by searching out unique marketing advantages, seeking new market segments that competitors are not cultivating, or developing new approaches to old problems.

The certified professionals of Roe Smithson & Asociados Ltda with expertise in Business and Marketing will be pleased to provide you with our high quality services.

market segmentation - bases of segmentation It is widely thought in marketing that than segmentation is an art, not a science.
The key task is to find the variable, or variables that split the market into actionable segments There are two types of segmentation variables: (1) Needs (2) Profilers The basic criteria for segmenting a market are customer needs. To find the needs of customers in a market, it is necessary to undertake market research. Profilers are the descriptive, measurable customer characteristics (such as location, age, nationality, gender, income) that can be used to inform a segmentation exercise. The most common profilers used in customer segmentation include the following: Profiler Examples Geographic Urban or rural Demographic Age, Income, Religion, race, nationality Psychographic Personality type Behavioural Product usage e.g. Brand loyalty: Type of user (e.g. with meals, special occasions) light, none, medium ,heavy medium, users high Social Lifestyle class type sex, occupation, family size education Region of the country

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