Marketing Segments
Marketing segments are the processes in
marketing divide a market into distinct segments that behave in the
same way or have similar needs. Because each segment is fairly homogeneous
in their needs and attitudes, they are likely to respond similarly to
a given marketing strategy. That is, they are likely to have similar
feelings and ideas about a marketing mix comprised of a given product
or service, sold at a given price, distributed in a certain way and
promoted in a certain way.
Broadly, markets can be divided according to a number of general criteria,
such as by industry or public versus private sector. Small segments
are often termed niche markets or specialty markets. However, all segments
fall into either consumer or industrial markets. Although it has similar
objectives and it overlaps with consumer markets in many ways, the process
of Industrial market segmentation is quite different.
Marketing segment is distinct
from targeting and positioning. The overall intent is to identify groups
of similar customers and potential customers; to prioritize the groups
to address; to understand their behavior; and to respond with appropriate
marketing strategies that satisfy the different preferences of each
chosen segment. Revenues are thus improved.
Improving your marketing
segment can lead to significantly improved marketing effectiveness.
With the right segmentation, the right lists can be purchased, advertising
results can be improved and customer satisfaction can be increased.
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