What is market segmentation and how is it carried out?

[Niyi Briggs]

We all talk about target marketing but closely related to target marketing is market segmentation.

It is the process where a target market is divided into smaller parts that are unique and can be treated as a single entity providing tailor made and specialized services and products to each segment.

Simply put, if a person is selling food. The target market could be the single people around. You can further segment the market into
1) Students
2) Workers

The entrepreneur can now tailor his food services to meet the specific needs of the students which could be more of quantity with good pricing while the workers can be targeted with more of protein contents in the market.

In your business, what are the major market segments?

 

[astutimeliana723]

In my business, my market segment is the lower middle class, so I don't set a price that is too high to be affordable for them. Apart from that, my market segment includes people who like to eat homemade snacks, so I make my own snacks that I sell.

 

[Niyi Briggs]

As a business person that is into poultry products, I can segment my market into two which are the middle class and the upper middle class. The upper middle class demand chickens that are very big and have stayed for about 8 weeks and are able to pay for it. The middle class just require 5-6 weeks live chickens that weigh 1.7 to 2kg.

 

[Suba]

Market segmentation is the grouping of consumers or markets according to the type of business, characteristics, behavior etc. which aims to facilitate marketing. When segmenting the market we need to consider variables such as price, location, product, demographics, socio-culture etc. How to determine market segmentation you have to collect data and make analysis, you also need to study consumer behavior, formulate market segmentation and design marketing activities.

 

[IB D]

My kind of business is serving two market segments and I have put measures in place to cater for this two segments to be served. That is why in my game shop, we have a VIP section, that serves all those elite boys that come to play game and a regular section which is more cost effective for the normal students that patronize us.

 

[Etini Willie]

I don't think I have market segments in my business as a music producer. It is already a segment of the entertainment industry. But market segmentation helps to achieve consumer satisfaction mn

 

[astutimeliana723]

As a business person that is into poultry products, I can segment my market into two which are the middle class and the upper middle class. The upper middle class demand chickens that are very big and have stayed for about 8 weeks and are able to pay for it. The middle class just require 5-6 weeks live chickens that weigh 1.7 to 2kg.

That's right I agree with you. The upper middle class tends to buy large chickens and the lower middle class tends to buy small chickens even after they have been made into several pieces. All returned to their financial condition.

 

[capri]

In my business, the major market segments are two. There is the segment that is not overly wary of high prices of the services offered. The other segment comprises individuals who have adequate financial resources and who are not largely unbothered by high prices.

 

[cherry123]

Market segmentation is very important for any good business owner. you need to know how to group your consumers or markets. it should be according to the type of business, size, gender etc.

 

[Niyi Briggs]

In my business, the major market segments are two. There is the segment that is not overly wary of high prices of the services offered. The other segment comprises individuals who have adequate financial resources and who are not largely unbothered by high prices.

So how do you manage these two market segments? I hope you don't give inferior service to the segments that are price sensitive? That is the mistake many businesses make and lose customers.

 

[cherry123]

Market segmentation has coke to stay for businesses. it is very important for any good business owner to know how to go about this. . you need to know how to group your consumers

 

[Heatman]

This is simply about knowing what you are selling and those you are selling it to and devising a way to making it something that is going to be affordable to them so that they can easily patronize your services.

 

[hastral45]

I don't think I have market segments in my business as a music producer. It is already a segment of the entertainment industry. But market segmentation helps to achieve consumer satisfaction mn

Music field too has its own market segmentation. Though music is part of an Entertainment venture that is embodies all groups in the society. Yet, as an artiste, you have to v decide which categories of the society you want to target in your music production. It is After you decide your market before you will now release your work.

 

[cherry123]

With this method you can easily identify your target audiences . This way you should be able to capture a good numbers of your customers and have a larger market share

 

[capri]

We all talk about target marketing but closely related to target marketing is market segmentation.

It is the process where a target market is divided into smaller parts that are unique and can be treated as a single entity providing tailor made and specialized services and products to each segment.

Simply put, if a person is selling food. The target market could be the single people around. You can further segment the market into
1) Students
2) Workers

The entrepreneur can now tailor his food services to meet the specific needs of the students which could be more of quantity with good pricing while the workers can be targeted with more of protein contents in the market.

In your business, what are the major market segments?

My market segment is not very easy to define. I guess everyone who uses the internet is part of the market segment for my business.
In my view, this scenario is beneficial as it enhances my prospects of attracting customers on a consistent basis.

 

[IB D]

My market segment is not very easy to define. I guess everyone who uses the internet is part of the market segment for my business.
In my view, this scenario is beneficial as it enhances my prospects of attracting customers on a consistent basis.

If you examine well, you would realize that you can still segment your market. All consumers or patrons / clients are not the same and they can be grouped based on common characteristics.

 

[hastral45]

If you examine well, you would realize that you can still segment your market. All consumers or patrons / clients are not the same and they can be grouped based on common characteristics.

No market that do not have segmentation. Even if you go vto the markets, you will observe that stalls are arranged in segmentation for easy patronage. Every fields has its own targeted traffics.

 

[IB D]

No market that do not have segmentation. Even if you go vto the markets, you will observe that stalls are arranged in segmentation for easy patronage. Every fields has its own targeted traffics.

That is true. Even if you are selling clothes, there is a general markets for clothes which one can decide to serve and there is a segmented market which involves children clothes, night wears etc.

 

[Etini Willie]

Market segmentation helps a business to have a direction of target audience it wants to serve. It is easier to serve a small segment of the market than try to serve all.

 

[Bisolami]

As a business person that is into poultry products, I can segment my market into two which are the middle class and the upper middle class. The upper middle class demand chickens that are very big and have stayed for about 8 weeks and are able to pay for it. The middle class just require 5-6 weeks live chickens that weigh 1.7 to 2kg.

That is a way to differentiate your products so that you can sell the best ones and the ones that are good at a very high price and the ones that are not very big at a lower price