MindMap Gallery How to conduct market segmentation and target market selection
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Edited at 2022-10-22 11:28:05This Valentine's Day brand marketing handbook provides businesses with five practical models, covering everything from creating offline experiences to driving online engagement. Whether you're a shopping mall, restaurant, or online brand, you'll find a suitable strategy: each model includes clear objectives and industry-specific guidelines, helping brands transform traffic into real sales and lasting emotional connections during this romantic season.
This Valentine's Day map illustrates love through 30 romantic possibilities, from the vintage charm of "handwritten love letters" to the urban landscape of "rooftop sunsets," from the tactile experience of a "pottery workshop" to the leisurely moments of "wine tasting at a vineyard"—offering a unique sense of occasion for every couple. Whether it's cozy, experiential, or luxurious, love always finds the most fitting expression. May you all find the perfect atmosphere for your love story.
The ice hockey schedule for the Milano Cortina 2026 Winter Olympics, featuring preliminary rounds, quarterfinals, and medal matches for both men's and women's tournaments from February 5–22. All game times are listed in Eastern Standard Time (EST).
This Valentine's Day brand marketing handbook provides businesses with five practical models, covering everything from creating offline experiences to driving online engagement. Whether you're a shopping mall, restaurant, or online brand, you'll find a suitable strategy: each model includes clear objectives and industry-specific guidelines, helping brands transform traffic into real sales and lasting emotional connections during this romantic season.
This Valentine's Day map illustrates love through 30 romantic possibilities, from the vintage charm of "handwritten love letters" to the urban landscape of "rooftop sunsets," from the tactile experience of a "pottery workshop" to the leisurely moments of "wine tasting at a vineyard"—offering a unique sense of occasion for every couple. Whether it's cozy, experiential, or luxurious, love always finds the most fitting expression. May you all find the perfect atmosphere for your love story.
The ice hockey schedule for the Milano Cortina 2026 Winter Olympics, featuring preliminary rounds, quarterfinals, and medal matches for both men's and women's tournaments from February 5–22. All game times are listed in Eastern Standard Time (EST).
How to conduct market segmentation and target market selection
Market segmentation is the process of dividing a large market into smaller submarkets with similar needs and behavioral characteristics
Market segmentation helps businesses better understand their audience and their needs
By segmenting the market, companies can formulate market strategies and positioning more effectively
A target market is a specific market segment on which a business chooses to focus its resources and efforts
Identifying target markets helps companies better meet the needs of specific groups and provide more targeted products and services
Step 1: Market Research and Data Collection
Conduct market research to gain a comprehensive understanding of current market conditions
Gather information about market size, growth trends, competitors and target audience
Collect data using methods such as questionnaires, focus groups, online and offline surveys
Analyze and interpret collected data to identify potential opportunities for market segmentation
Evaluate various aspects of the market through methods such as statistical data analysis, market research reports, and trend analysis
Identify different market segments and their characteristics, such as age, gender, geography, interests, etc.
Step 2: Determine market segmentation criteria
Based on the collected data and analysis results, determine market segmentation criteria suitable for corporate goals
Select criteria for market segmentation based on factors such as demographics, geography, behavioral and psychographics
Determine which standards are most appropriate for your product or service and can provide a competitive advantage
Develop clear and unambiguous market segmentation criteria and descriptions that can be used in subsequent steps
Step 3: Identify potential market segments
Identify potential market segments based on identified market segmentation criteria
Study the needs, interests and purchasing behaviors of your target audience to understand their behavioral patterns and preferences
Identify key characteristics and differences of potential market segments to facilitate target market selection in subsequent steps
Step 4: Assess market segment attractiveness and competitiveness
Assess the attractiveness and potential profitability of each market segment
Consider factors such as market size, growth rate, number of competitors, and brand loyalty
Analyze the potential benefits and risks of market segments to determine which segments are most attractive and competitive
Study competitors’ performance and strategies in various market segments
Understand competitors’ market share and brand reputation in different market segments
Analyze their market positioning, product features and marketing strategies to better select target markets
Step 5: Choose your target market
Based on market segmentation assessment, select target markets suitable for corporate strategy and resources
Identify the market segments that the company can satisfy and gain a competitive advantage in
Select the number and size of market segments to ensure that the business can effectively serve and market to the target market
Determine the characteristics and needs of the target market to guide subsequent market positioning and marketing activities
Understand the consumer needs, preferences and demand motivations of your target market
Determine how to offer differentiated products, pricing and promotion strategies to target markets
Step 6: Develop market segmentation and target market strategies
Based on the selected target market, develop appropriate market segmentation and target market strategies
Develop personalized product, pricing and promotional strategies for target markets
Effectively reach target markets by selecting appropriate channels and communication methods
Determine how to build relationships with your target market and provide a great customer experience