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 … Read more...
Tag: segmentation
Study Notes for market segmentation evaluation criteria
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 … Read more...
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 … Read more...
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)
… Read more...Advantages and limitations of the main market segmentation bases
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
… Read more...Quick Study Notes for Market Segmentation
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
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… Read more...