We all want to fly before we learn to run, & run before we walk. Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics.
The segments identified are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.
This video is an introduction to the various aspects, however for a better understanding please check out the links from the "Additional Reading" section below and continue on your learning journey.
Note: Videos have been made with international students in mind, as such if your finding the speed of speech slow, please increase playback speed to 1.25 in YouTube.
I hope the video takes you beyond the definition & helps to make the learning process a little more tangible. Please subscribe & feel free to share.
––––––––––––––––––––––––––––––––––––––––––––––––––
Video Content
0:00 - Introduction to 5 Steps of Market Segmentation
0:21 - Step 1 - Select a Market or Product Category
- Example of Market or Product Category
2:01 - Step 2 - Selecting Bases for Segmentation
- see What are the Four Bases of Market Segmentation for further explanation - https://youtu.be/TUw3a-Z8JN0
2:20 - Step 3 - Profile Segment & Identify Target Market
- 3 steps for undertaking (doing) market segmentation include
1. What is Survey
2. What is Analysis
3. What is Profiling
3:15 - Step 4 - Select & Develop Targeting strategies
3:40 - Step 5 - Develop a Positioning Strategy
4:22 - What are the Benefits of Market Segmentation?
––––––––––––––––––––––––––––––––––––––––––––––––––
Came across a great saying:
Not everything that can be counted counts, and not everything that counts can be counted. - Albert Einstein
––––––––––––––––––––––––––––––––––––––––––––––––––
Additional Reading:
––––––––––––––––––––––––––––––––––––––––––––––––––
School of Learning
Arnav Dutta
https://www.linkedin.com/in/arnav-dutta-a2020a44