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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 ...
Chain ratio and indexing methods: This method is used in marketing of branded goods and retail. It involves ranking alternative market segments based on current indices. Widely used indices are the Category Index and Brand Index. The Category Index measures overall patterns within the product category while the Brand Index calculates a given ...
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).
Traditional market segmentation divides the market into four categories of geographic segmentation, demographic segmentation, psychographic segmentation and behavioral segmentation. [5] This approach works well as it groups various customers into segments that have common needs. It would lead to targeting the segment and positioning the product.
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 ...
The traditional way to develop a psychographic segmentation model has been through a market research study surveying a statistically representative sample of a target audience. That target audience could be representative of the general population, a specific demographic or socioeconomic group, a population of consumers who utilize a certain ...
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.