Market segmentation and target market selection

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Edited at 2021-10-17 10:48:33

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Market segmentation and target market selection

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Market segmentation and target market selection
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Market segmentation and target market selection

Define market segments

Market segmentation is the process of dividing the entire market into smaller market segments. A market segment is a group of consumers or businesses with similar demand characteristics.

The importance of market segmentation

Market segmentation can help companies better understand market demand and accurately identify the demand characteristics of target consumers to better meet their needs.

Market segmentation can help companies develop practical marketing strategies for different market segments and improve market competitiveness.

market segmentation methods

Market segmentation by demographic characteristics, such as age, gender, occupation, etc.

Market segmentation by geographical location, such as country, region, city, etc.

Market segmentation based on consumer behavior, such as purchase frequency, purchase preference, etc.

Market segmentation based on product characteristics, such as price sensitivity, product preferences, etc.

Market segmentation considerations

Market segmentation should be operable, that is, the results of market segmentation should be used to formulate corresponding marketing strategies for different market segments.

Market segmentation should be differentiated, that is, there should be obvious differences between different market segments in order to better meet their needs.

Target market selection

Define target market options

Target market selection is based on market segmentation and selecting the most attractive and potential market segment as the company's main focus.

The importance of target market selection

Target market selection can help companies concentrate resources and carry out marketing activities more effectively with limited resources.

Target market selection can improve an enterprise's market positioning and enable it to more accurately convey its business value and competitive advantages in the target market.

Basis for target market selection

Market size and growth potential: Choose a market segment with a larger market size and higher growth potential.

Market competition: Choose a market segment with low competition to reduce competitive pressure.

Demand characteristics of target consumers: Choose a market segment that is highly matched with the company's products or services to improve market satisfaction and loyalty.

Target market selection strategies

Single target market strategy: Select the most attractive and potential market segment as the target market and focus on providing products or services to this market.

Multiple target market strategy: Select multiple market segments as target markets and develop different marketing strategies for different markets to expand market share.

Basic market strategy: Select the most strategic market segment as the target market, and other market segments as extensions or auxiliary markets of this market.