Jun 042015
 
Markets, exchange and target markets

When studying marketing it is important to understand the concept of a market and the exchange process. When we use the term “market” in a marketing sense, there are actually three possible views that we are considering – the overall market, any sub-markets and the brand’s target market/s. Overall market Read full article…

Feb 202015
 

The market segmentation evaluation criteria After constructing a set of market segments in the STP process, the market segments are then subject to evaluation against a set criteria. This is a checkpoint stage in the STP process. Its goal is to ensure that the segments meet basic requirements and guidelines Read full article…

Feb 202015
 
Study Notes for how market segmentation is undertaken

How to segment a market? (Technical aspects) There are two main approaches: cluster analysis (if data is available), otherwise segmentation trees. Cluster analysis Cluster analysis is an analysis designed to categorize objects to a pre-defined number of different groups, with each group being relatively similar on a range of selected Read full article…

Feb 202015
 
Study Notes for Business Segmentation Bases

What is a business segmentation base? A business segmentation base is definable characteristics or behavior of organizations that can be utilized to classify the organizations into related groups, for the purpose of target marketing. Main business segmentation bases (with examples) Geographic location/s: Where the business operates. Examples: Countries, regions, spread Read full article…

Feb 202015
 

Geographic Segmentation Base Advantages Considers cultural differences of different regions Good for firms with limited geographic reach needing to select a specific target market Great when there is significant socio-economic diversity and significant consumer behavioral differences across regions Geographic Segmentation Base Limitations Assumes that consumers in a geographic area are Read full article…

Feb 202015
 

Quick Study Notes for Market segmentation Definition of market segmentation The process of splitting a market into smaller groups with similar product needs or identifiable characteristics, for the purpose of selecting appropriate target markets. What are segmentation bases? A definable characteristic, identity or behavior of an individual consumer that can Read full article…

Dec 172014
 
Brand Personas

Using Brand Personas in Customer Journey Mapping A fundamental principle of modern day marketing is to segment the market and select appropriate target markets. For more information on the market segmentation process, please refer to the market segmentation study guide. Target markets are smaller parts of the overall market, where Read full article…