Market Segmentation activity is an eminent activity which is mostly used in the area of marketing. N number of different customers create N number of different demands, and therefore the company has to divide the market accordingly. It enables the company in order to understand the need or demand of the consumers. Furthermore, it helps in judging certain services and products which are different from one another.
Different criteria have been set up in order to identify the different market segments such as Reaction (Similar response to the market), Distinction (uniqueness), and Homogeneity (Common needs within segments). In order to understand in a better manner we can consider an instance of a shoe manufacturing company. In this company there are diversified areas in market segment for the basketball players, football players, and cricket players. Therefore, the company requires different ideas for promotion and advertisement in order to influence customers who belong to the aforementioned sections of the market.
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How to Select Target Market?
The First step in order to sell your product is to select a target market for your product. If you have no knowledge in regards to the target market and targeted customers, then it’s going to be pretty tough to achieve the desired goals. The accepted definition of target market selection is “a group of customers that a business has decided or aimed its marketing efforts and its merchandise towards”. Therefore, this is considered to be the first element in the marketing strategy.
Selecting targeting market comes out to be an emerging field from the student’s point of view which lands with many types of job opportunities. Our professional experts have their domains working in this field which will provide you complete guidance in order to complete your assignment.