In business, defining the target market is probably the one of the most prioritized steps because this involves knowing which group of people should be targeted in order to sell a certain product or service. Basic marketing emphasizes the need for good targeting strategies simply because one cannot just push the product to just anyone. That is why it is extremely important for any business to have a good market segmentation strategy.
In order to develop good strategies, a marketing person should always first consult the Maslows Hierarchy of Needs because this will be his basis on what kind of people he must target for his product. The levels of this hierarchy are the basic needs, safety needs, belonging, self esteem, and of course self actualization. The product that will be sold must fall into either one of these categories of needs and it is up to the marketer to determine which one.
By knowing what need the product would satisfy, one would know who he should be selling his product to. As one can see, the type of product that one will be marketing would be directly related to the hierarchy of needs. From knowing what need the product can satisfy, one can now go deeper into the specific customer that has to be served.
In order to know which target segment should be concentrated on, one must first be able to make an analysis on the demographics of the ideal consumer. Demographics meaning the age group that would be target, the gender, and of course the class the consumer is in whether he is in the A, B, C or D classes. When he has determined that, he can go even much further.
Now the determining of the demographics is only the tip of the iceberg because there is also the determining of the psychographics. The psychographics would concentrate now on how the consumer moves and what his behavioral patterns are. With regard to the products, the marketer would be taking a look at the list of activities, movement patterns, and interests.
Of course a business would want their customers to remain loyal which is why they must also know how to target those who will keep on using the product. Basically, the behavioral patterns will must be specifically identified so that one will be able to zoom in on the right people. In a nutshell, the behavioral patterns target the rate of usage, usage patterns, price reaction, and brand loyalty.
Once the target group of consumers has already been determined, then it is already time to make a strategy for the segmentation process. Take note that this would go in line with the product, price, promotion, and the place. From there, a good marketing strategy will be able to be made from these concepts.
So as one can see, making a market segmentation strategy not only takes a look at the consumers but also at the product. Basically, one has to take a look at the product then the specific customer that should be serviced. It is a process that goes from broad to specific.
In order to develop good strategies, a marketing person should always first consult the Maslows Hierarchy of Needs because this will be his basis on what kind of people he must target for his product. The levels of this hierarchy are the basic needs, safety needs, belonging, self esteem, and of course self actualization. The product that will be sold must fall into either one of these categories of needs and it is up to the marketer to determine which one.
By knowing what need the product would satisfy, one would know who he should be selling his product to. As one can see, the type of product that one will be marketing would be directly related to the hierarchy of needs. From knowing what need the product can satisfy, one can now go deeper into the specific customer that has to be served.
In order to know which target segment should be concentrated on, one must first be able to make an analysis on the demographics of the ideal consumer. Demographics meaning the age group that would be target, the gender, and of course the class the consumer is in whether he is in the A, B, C or D classes. When he has determined that, he can go even much further.
Now the determining of the demographics is only the tip of the iceberg because there is also the determining of the psychographics. The psychographics would concentrate now on how the consumer moves and what his behavioral patterns are. With regard to the products, the marketer would be taking a look at the list of activities, movement patterns, and interests.
Of course a business would want their customers to remain loyal which is why they must also know how to target those who will keep on using the product. Basically, the behavioral patterns will must be specifically identified so that one will be able to zoom in on the right people. In a nutshell, the behavioral patterns target the rate of usage, usage patterns, price reaction, and brand loyalty.
Once the target group of consumers has already been determined, then it is already time to make a strategy for the segmentation process. Take note that this would go in line with the product, price, promotion, and the place. From there, a good marketing strategy will be able to be made from these concepts.
So as one can see, making a market segmentation strategy not only takes a look at the consumers but also at the product. Basically, one has to take a look at the product then the specific customer that should be serviced. It is a process that goes from broad to specific.
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