Identifying market segments and targets

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Reference no: EM132667983

Identifying Market Segments and Targets

What are the different levels of market segmentation?

How can a company divide a market into segments?

How should a company choose the most attractive target markets?

What are the requirements for effective segmentation?

A company needs to identify which market segments it can serve effectively. Such decisions require a keen understanding of consumer behavior and careful strategic thinking.

To compete more effectively companies are now embracing target marketing.

Effective target marketing requires that marketers:

Identify and profile distinct groups of buyers who differ in their needs and preferences (market segmentation).

Select one or more market segments to enter (market targeting).

For each target market, establish and communicate the distinctive benefit(s) of the company's market offering (market positioning).

Reference no: EM132667983

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