This approach might sound attractive because it simplifies the marketing task, but it is usually unrealistic because customers differ Instead of trying to appeal to the entire marketplace, smart marketers and smart companies will try to find out ______. If one element of an iterative segmentation is a smart marketer, what is the other?
Marketers identify segments best when iterating between two approaches. What are the two approaches? Nice work! You just studied 22 terms! Now up your study game with Learn mode.
Market segmentation is practised by most businesses in one form or another, as a way of streamlining their marketing strategy by dividing broad-based target markets into specific groups of consumers, and devising marketing methods that will appeal to each group. Identifying viable segments.
Differentiable: An ideal market segment should be internally homogeneous (i.e. all customers within the segment have similar preferences and characteristics), but externally heterogeneous.
If one element of an iterative segmentation is a smart marketer, what is the other?
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Market segmentation is practised by most businesses in one form or another, as a way of streamlining their marketing strategy by dividing broad-based target markets into specific groups of consumers, and devising marketing methods that will appeal to each group.
It is important, however, to focus resources on market segments whose size, growth and profitability is good, both immediately and in the long run. The following 5 market segmentation criteria should be useful when planning your own company’s market segmentation strategy.
Substantial: Simply put, there would be no point in wasting marketing budget on a market segment that is insufficiently large, or has negligible spending power. A viable market segment is usually a homogenous group with clearly defined characteristics such as age group, socio-economic background and brand perception.