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Examples Of Target Market Segmentation

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A target market is a group of customers within the serviceable available market that a business has decided to aim its marketing efforts towards. A well-defined target market is the first element of a strategy. Product, price, promotion, and place are the four elements of a marketing mix strategy that determine the success of a product or service in the marketplace. It is proven that a business must have a clear definition of its target market as this can help it reach its target consumers and analyze their needs and suitability.

A target market is a group of people considered likely to buy a product or service.[4] A target market consists of customers that share similar characteristics, such as age, location, income and lifestyle.
Target …show more content…

This could encompass their values, as well as their personality, attitudes and general interests (A. S. Boote, 1984). According to Boote (1984), a popular psychographic segment in marketing is personal values. In the example used, a segment categorized by how much money a consumer is willing to spend on a product could be defined by certain inclinations when shopping. One being – "spending no more money than is necessary…even if it means not buying the best." Another orientation being – "shopping around to get the best price once I have decided on the kind of product I want to buy." By learning about these orientations, the marketer is able to gauge different attitudes of the consumers potentially being …show more content…

Consumers behave differently depending on occasions and the frequency of usage of a product. For example, a spouse may not usually spend money on flowers for their significant other, but might on Valentine 's Day, as it is a special occasion. "Many Marketers believe that behaviour variables are the best starting points for building market segments" (Tatum, 2007).
Market segmentation involves subdividing the total market into groups of people who share common characteristics, to which the business can direct specific marketing efforts. Segmenting markets aims to increase sales, market share and profits by better responding to the desires of the different target customer groups. A segmentation variable is a characteristic of individuals or groups used by marketers to divide a total market into segments. Markets can generally be segmented according to four main variables: demographic, geographic, psychographic and behavioural

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