Segmentation

it is the process of dividing the total market into homogeneous groups or market segments which consist of people, groups, or organization that have similar needs or wants

Enumerate the 7 steps in market segmentation.

(answer format)

step 1 - word , step 2 - word, step 3 - word, step 4 - word, step 5 - word, step 6 - word. step 7 - word

Start by defining your market and collect information about your customer base through market research.

Identify and select segmentation variables or criteria that will be used to divide the market.

These variables can include demographics (age, gender, income), psychographics (lifestyle, values), behavior (usage patterns, brand loyalty), and geographic location.

Conduct market research to gather data on the chosen segmentation variables.

Use surveys, interviews, focus groups, and other research methods to collect relevant information about your target audience.

Analyze the collected data to identify patterns and trends.

Group customers with similar characteristics into distinct segments.

Consider the size, profitability, and potential for growth within each segment.

Develop detailed profiles or personas for each identified segment.

Understand the unique needs, preferences, and behaviors of customers within each segment.

Adapt the marketing mix (product, price, place, promotion) for each segment.

Customize product features, pricing strategies, distribution channels, and promotional activities to suit the preferences of each segment.

Monitor and evaluate the effectiveness of marketing strategies for each segment.

Adjust strategies as needed based on ongoing market research, changes in consumer behavior, and other relevant factors.

Effective marketing segmentation enables businesses to better ____ ___ _______ _____ of their customer base, improve customer satisfaction, and maximize the impact of marketing efforts.