Market Segmentation

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Market Segmentation - which is normally based on the Target audience of an organization, Forgetting the target audience any organization must do research and study to find the perfect audience for maximum sale of their products in the world market, which is based on the following aspects. Geographic areas like city, region, size and climate, community, etc. Demographic targeting is based on the audience's income, age, gender, religion, education, etc. Psychographics are based on budget, beliefs, values, pain points, attitudes, social and cultural norms, etc. Behavior bases such as hobbies, habits, purchasing styles, social media and phone uses, etc. In such a way, any organization getting a huge work market to analyze their Target audience.

Segmentation Process- Four-step market segmentation process, to develop a successful marketing strategy, it is important to identify the appropriate consumer segments. There are four steps you should perform to conduct the market segmentation process effectively.

Step 1: Identify segmented markets

The first step of the market segmentation process is to identify the segmented markets. It is important to select the segmenting strategy that most accurately categorizes consumers according to your product or service.

Step 2: Analyze each segment

After identifying potential market segments, it is important to research and analyze the consumers that comprise each segment. You must determine the similarities that connect the members of each segment and identify the differences that separate one segment from another.

During the analyzing step, you should outline the buying habits, product usage rates, attitudes, and lifestyle choices that represent a typical customer in each segment. Demographic and geographic information will provide a clear customer profile to help you determine the market segment best suited for your product or service.

Step 3: Evaluate market opportunities

The customer profiles you create help you identify the market segments that offer the sufficient benefits you need to achieve company goals and objectives.

When evaluating each segmenting, you should consider your ability to reach the targeted consumer, the number of potential customers within the segment, your ability to measure the segment's progress, and the segment's compatibility with your company's mission.

Step 4: Select target segments

The fourth step of the market segmentation process is to select the appropriate target segments. The research, examination, and evaluation of the market segments allow you to evaluate the profit potential of each segment. Once you select one or more target segments, you can develop products and marketing strategies to satisfy your customers' needs.