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Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2] The S-T-P framework implements ...
Primary target markets are those market segments to which marketing efforts are primarily directed and where more of the business's resources are allocated, while secondary markets are often smaller segments or less vital to a product's success. Selecting the "right" target market is a complex and difficult decision.
Micro-segmentation on the other hand requires a higher degree of knowledge. While macro-segmentation put the business into broad categories, helping a general product strategy, micro-segmentation is essential for the implementation of the concept. “Micro-segments are homogeneous groups of buyers within the macro-segments” (Webster, 2003).
Natural clusters or segments emerge from groups of respondents who answer the survey questions in a similar manner. A useful illustration is a scatter plot with all of the respondents' answers that shows clusters of respondents who answered the survey questions similarly. Taking all the survey questions into account, consistent groups — or ...
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
Intermarket segmentation refers to forming segments of consumers who have similar needs and buying behaviour, even though they are located in different countries. [1] It is the process of selecting consumer segments across a range of countries that are targeted with an integrated brand positioning strategy without regard to geographic or ...
Micromarketing has come to refer to marketing strategies which are variously customised to either local markets, to different market segments, or to the individual customer. Micromarketing is a marketing strategy in which marketing and/or advertising efforts are focused on a small group of tightly targeted consumers.