Identifying Market Segments and Targets

[Sultan Mahmud Sujon]

Identifying Market Segments and Targets
Chapter: 8

What is a Market Segment?

A market segment consists of a group of customers who share a similar set of needs and wants.

What is Customerization?

Customerization combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product and service offering of their choice.

Effective Segmentation Criteria

Not all segmentation schemes are useful. Similarly, not all types of segmentation are useful. It is important to recognize that a marketer needs to use relevant variables to segment a market.
To be useful, market segments must rate favorably on five key criteria:

•   Measurable: পরিমাপ
        The size, purchasing power and characteristics of the segment can be measured.

•   Substantial: প্রচুর, মজুদ, গুরুত্বপূন
         The segments are large and profitable enough to serve. A segment should be the largest   possible homogeneous group worth going after with a tailored marketing program.

•   Accessible: সহজে পরিচালনা করা যায়
        The segments can be effectively reached and served.

•   Differentiable: পাথক্য করন
         The segments are conceptually distinguishable and respond differently to different marketing mix element and program.

•   Actionable: কাযকারি
Effective programs can be formulated for attracting and serving the segment

marketing management e13

[tree]

Target market is very important rule for a market a target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards.[1] A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place(distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace.

[saratasneem]

From my point of view, in a segment, the number of actual and potential buyers may be small. But the interest of the small group is of importance. The interest should be protected for successful business.

[Sampa Saha]

First of all we have to select target market or customer.

[tree]

I agree with Sampa Saha madam

[sajib]

What Market Segmentation Means

Definition    

    -Aggregating prospective buyers into groups that
    -have common needs and
    -will respond similarly to a marketing action.

market segments    

    -Relatively homogeneous collection of prospective buyers.

strategy of product differentiation    

   - Using different marketing mixes to help gain competitive advantage with a specific segment.
   - Selling two or more products with different features targeted to different market segments.