In business, defining the target market is probably the one of the most prioritized steps because this involves knowing which group of people should be targeted in order to sell a certain product or service. Basic marketing emphasizes the need for good targeting strategies simply because one cannot just push the product to just anyone. That is why it is extremely important for any business to have a good market segmentation strategy.
The most basic concept where a lot of other concepts would stem out from would be the Maslows Hierarchy of Needs simply because it is the concept that will determine what type of product one will have to sell. For those who do not know, the components of the hierarchy involve the things that are needed to survive, the things needed for being safe, the things needed to belong in a group, and the things needed to boost esteem. In any business, a product will definitely have to be in one of these categories.
These categories will give one an idea on what he is going to sell. With regard to the hierarchy, one can actually relate the needs here to the type of products that are being sold in the market. For example, the survival needs are provided by the convenience products, the self esteem or actualization needs will be covered by the luxury items, and so on and so forth.
In order to know which target segment should be concentrated on, one must first be able to make an analysis on the demographics of the ideal consumer. Demographics meaning the age group that would be target, the gender, and of course the class the consumer is in whether he is in the A, B, C or D classes. When he has determined that, he can go even much further.
Now the determining of the demographics is only the tip of the iceberg because there is also the determining of the psychographics. The psychographics would concentrate now on how the consumer moves and what his behavioral patterns are. With regard to the products, the marketer would be taking a look at the list of activities, movement patterns, and interests.
Of course a business would want their customers to remain loyal which is why they must also know how to target those who will keep on using the product. Basically, the behavioral patterns will must be specifically identified so that one will be able to zoom in on the right people. In a nutshell, the behavioral patterns target the rate of usage, usage patterns, price reaction, and brand loyalty.
Once the target group of consumers has already been determined, then it is already time to make a strategy for the segmentation process. Take note that this would go in line with the product, price, promotion, and the place. From there, a good marketing strategy will be able to be made from these concepts.
So if one is in the field of marketing, he will be tasked to make a really good market segmentation strategy based on these concepts. With these concepts in mind, it is actually possible to come up with a lot of plans. However, this process has to be done well in order to do so.
The most basic concept where a lot of other concepts would stem out from would be the Maslows Hierarchy of Needs simply because it is the concept that will determine what type of product one will have to sell. For those who do not know, the components of the hierarchy involve the things that are needed to survive, the things needed for being safe, the things needed to belong in a group, and the things needed to boost esteem. In any business, a product will definitely have to be in one of these categories.
These categories will give one an idea on what he is going to sell. With regard to the hierarchy, one can actually relate the needs here to the type of products that are being sold in the market. For example, the survival needs are provided by the convenience products, the self esteem or actualization needs will be covered by the luxury items, and so on and so forth.
In order to know which target segment should be concentrated on, one must first be able to make an analysis on the demographics of the ideal consumer. Demographics meaning the age group that would be target, the gender, and of course the class the consumer is in whether he is in the A, B, C or D classes. When he has determined that, he can go even much further.
Now the determining of the demographics is only the tip of the iceberg because there is also the determining of the psychographics. The psychographics would concentrate now on how the consumer moves and what his behavioral patterns are. With regard to the products, the marketer would be taking a look at the list of activities, movement patterns, and interests.
Of course a business would want their customers to remain loyal which is why they must also know how to target those who will keep on using the product. Basically, the behavioral patterns will must be specifically identified so that one will be able to zoom in on the right people. In a nutshell, the behavioral patterns target the rate of usage, usage patterns, price reaction, and brand loyalty.
Once the target group of consumers has already been determined, then it is already time to make a strategy for the segmentation process. Take note that this would go in line with the product, price, promotion, and the place. From there, a good marketing strategy will be able to be made from these concepts.
So if one is in the field of marketing, he will be tasked to make a really good market segmentation strategy based on these concepts. With these concepts in mind, it is actually possible to come up with a lot of plans. However, this process has to be done well in order to do so.
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