In business, defining the target market is probably the one of the most prioritized steps because this involves knowing which group of people should be targeted in order to sell a certain product or service. Basic marketing emphasizes the need for good targeting strategies simply because one cannot just push the product to just anyone. That is why it is extremely important for any business to have a good market segmentation strategy.
Everyone is probably familiar with the concept of the hierarchy of needs made by Maslow which states that a person has five levels of needs that have to be satisfied. These are the things needed to live, then the things needed to stay safe, then the things needed to feel a sense of belonging, and the things needed to make one feel good. All products will have to be under one of these needs otherwise the product will not do well in the market.
By knowing what need the product would satisfy, one would know who he should be selling his product to. As one can see, the type of product that one will be marketing would be directly related to the hierarchy of needs. From knowing what need the product can satisfy, one can now go deeper into the specific customer that has to be served.
In order to know which target segment should be concentrated on, one must first be able to make an analysis on the demographics of the ideal consumer. Demographics meaning the age group that would be target, the gender, and of course the class the consumer is in whether he is in the A, B, C or D classes. When he has determined that, he can go even much further.
Now the determining of the demographics is only the tip of the iceberg because there is also the determining of the psychographics. The psychographics would concentrate now on how the consumer moves and what his behavioral patterns are. With regard to the products, the marketer would be taking a look at the list of activities, movement patterns, and interests.
Of course a business would want their customers to remain loyal which is why they must also know how to target those who will keep on using the product. Basically, the behavioral patterns will must be specifically identified so that one will be able to zoom in on the right people. In a nutshell, the behavioral patterns target the rate of usage, usage patterns, price reaction, and brand loyalty.
Once the target group of consumers has already been determined, then it is already time to make a strategy for the segmentation process. Take note that this would go in line with the product, price, promotion, and the place. From there, a good marketing strategy will be able to be made from these concepts.
Now if one is tasked to make a market segmentation strategy, he must first go through this basic process. He must first determine what the product is and what type of people should be targeted. Once that is done, many plans and tactics may be made.
Everyone is probably familiar with the concept of the hierarchy of needs made by Maslow which states that a person has five levels of needs that have to be satisfied. These are the things needed to live, then the things needed to stay safe, then the things needed to feel a sense of belonging, and the things needed to make one feel good. All products will have to be under one of these needs otherwise the product will not do well in the market.
By knowing what need the product would satisfy, one would know who he should be selling his product to. As one can see, the type of product that one will be marketing would be directly related to the hierarchy of needs. From knowing what need the product can satisfy, one can now go deeper into the specific customer that has to be served.
In order to know which target segment should be concentrated on, one must first be able to make an analysis on the demographics of the ideal consumer. Demographics meaning the age group that would be target, the gender, and of course the class the consumer is in whether he is in the A, B, C or D classes. When he has determined that, he can go even much further.
Now the determining of the demographics is only the tip of the iceberg because there is also the determining of the psychographics. The psychographics would concentrate now on how the consumer moves and what his behavioral patterns are. With regard to the products, the marketer would be taking a look at the list of activities, movement patterns, and interests.
Of course a business would want their customers to remain loyal which is why they must also know how to target those who will keep on using the product. Basically, the behavioral patterns will must be specifically identified so that one will be able to zoom in on the right people. In a nutshell, the behavioral patterns target the rate of usage, usage patterns, price reaction, and brand loyalty.
Once the target group of consumers has already been determined, then it is already time to make a strategy for the segmentation process. Take note that this would go in line with the product, price, promotion, and the place. From there, a good marketing strategy will be able to be made from these concepts.
Now if one is tasked to make a market segmentation strategy, he must first go through this basic process. He must first determine what the product is and what type of people should be targeted. Once that is done, many plans and tactics may be made.
About the Author:
You can visit the website www.qdistrategies.com for more helpful information about Making A Good Market Segmentation Strategy
No comments:
Post a Comment