Identifying Market Segments And Targets
Identifying Market Segments and Targets
Mustafa Faisal
Sothern New Hampshire University
March 2015
Identifying Market Segments and Targets
The segmentation of the market helps the marketers to identify the customers who share the same needs and wants (Kotler, & Keller, 2012). There are many different levels of market segmentation such as, geographic, demographic, psychographic, and behavioral segmentation (Kotler, & Keller, 2012). The geographic segmentation used when the marketers segment the market by focusing on a specific geographic area (Thomas, 2007), demographic segmentation concentrates on gender, age, housing type, income, and the educational level (Thomas, 2007), the psychographic segmentation is studying the customers behaviors, emotions, beliefs, and lifestyle (Thomas, 2007). Behavioral segmentation divides the consumers to a specific group based on the way they respond, use, and know the product (Riley, 2012). According to Kotler, & Keller (2012), not all segmentation schemes are useful, and to be useful, the segments must be measurable, profitable enough, accessible, differentiable, and actionable. The market targeting is the second step after market segmentation and before market positioning.
Market Segmentations
Geographic Segmentation
According to Kotler, & Keller (2012), the geographic segmentation divides the market to nations, states, regions, counties, and cities, for instance, the company could choose a specific nation or states to market their brands. Many Chinese restaurants choose a specific geographic area to reach the concentration of force (Thomas, 2007).
Demographic Segmentation
The age, gender, income, education, religion, race, generation, nationality, family size, social class, and occupation, is very important information to the marketer to highlight the customer needs and wants (Kotler, & Keller 2012). The race and the religion are very important to identify the consumer trend and needs, and it can be easy to identify by
Mustafa Faisal
Sothern New Hampshire University
March 2015
Identifying Market Segments and Targets
The segmentation of the market helps the marketers to identify the customers who share the same needs and wants (Kotler, & Keller, 2012). There are many different levels of market segmentation such as, geographic, demographic, psychographic, and behavioral segmentation (Kotler, & Keller, 2012). The geographic segmentation used when the marketers segment the market by focusing on a specific geographic area (Thomas, 2007), demographic segmentation concentrates on gender, age, housing type, income, and the educational level (Thomas, 2007), the psychographic segmentation is studying the customers behaviors, emotions, beliefs, and lifestyle (Thomas, 2007). Behavioral segmentation divides the consumers to a specific group based on the way they respond, use, and know the product (Riley, 2012). According to Kotler, & Keller (2012), not all segmentation schemes are useful, and to be useful, the segments must be measurable, profitable enough, accessible, differentiable, and actionable. The market targeting is the second step after market segmentation and before market positioning.
Market Segmentations
Geographic Segmentation
According to Kotler, & Keller (2012), the geographic segmentation divides the market to nations, states, regions, counties, and cities, for instance, the company could choose a specific nation or states to market their brands. Many Chinese restaurants choose a specific geographic area to reach the concentration of force (Thomas, 2007).
Demographic Segmentation
The age, gender, income, education, religion, race, generation, nationality, family size, social class, and occupation, is very important information to the marketer to highlight the customer needs and wants (Kotler, & Keller 2012). The race and the religion are very important to identify the consumer trend and needs, and it can be easy to identify by
References: Kotler, P., & Keller, K. L. (2012). Marketing management. prentice hall: upper saddle River, NJ. Riley, (2012). Market segmentation , behavioral segmentation. http://www.tutor2u.net/business/marketing/segmentation_bases_behavioural.asp Small business tool kit. Market analysis. http://toolkit.smallbiz.nsw.gov.au/part/3/10/49 Thomas, W., (2007). Market Segmentation. http://www.decisionanalyst.com/publ_art/marketsegmentation.dai Webber, (2006). Using names to segment customers by cultural, ethnic or religious origin. https://www.mrs.org.uk/pdf/27_11_06_richard_webber.pdf USING NAMES TO SEGMENT CUSTOMERS Figure 1