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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]
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 ...
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).
VALS (Values and Lifestyle Survey) [1] is a proprietary research methodology used for psychographic market segmentation. Market segmentation is designed to guide companies in tailoring their products and services in order to appeal to the people most likely to purchase them.
A psychographic segmentation model should be able to accurately predict the segment to which a consumer belongs with an acceptable level of confidence. Often there are trade-offs involved. For instance, a model may attain a higher level of predictability with a greater number of segments, but too many segments become unwieldy and infeasible to ...
Download as PDF; Printable version; In other projects ... The 3Cs Model is an industry model which offers a strategic look at three ... Segmentation is helping to ...
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