Market Segmentation Assignment

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For example, there are many different consumers who desire safety as a benefit when purchasing a car.

Rather than targeting everyone in their promotional strategy, a car manufacturer may opt to target a specific group of consumers with similar characteristics, such as families with young children. Step Two: Segment Your Overall Market It is a natural instinct to want to target as many people and groups as possible.

Professionals in transition may be dealing with the trauma of being fired or laid-off.

They usually have a defined set of skills and a career path.

However, by doing this your promotional strategy will never talk specifically to any one group, and you will most likely turn many potential customers off.

Your promotional budget will be much more cost effective if you promote to one type of customer and speak directly to them. She received some business, but the competition was fierce.

To do this, identify your product or service’s features and benefits.

A feature is a characteristic of a product/service that automatically comes with it.

There must be ways of talking to your target audience.

Types of Markets A market is simply any group of actual or potential buyers of a product. Step One — Identify Why A Customer Would Want To Buy Your Product/Service The first step in identifying your target market is understanding what your products/services have to offer to a group of people or businesses.

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