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Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2] The S-T-P framework implements market segmentation in three steps: Segmenting means identifying and classifying consumers into categories called ...
Audience segmentation is widely accepted as a fundamental strategy in communication campaigns to influence health and social change. [4] Audience segmentation makes campaign efforts more effective when messages are tailored to the distinct subgroups and more efficient when the target audience is selected based on their susceptibility and ...
Niche market: Customer segmentation based on specialized needs and characteristics of its clients: e.g. Rolex. Segmented: A company applies additional segmentation within existing customer segment. In the segmented situation, the business may further distinguish its clients based on gender, age, and/or income.
Most businesses create their own segmentation scheme to meet their particular needs. Industrial market segmentation is important in sales and marketing. Webster describes segmentation variables as “customer characteristics that relate to some important difference in customer response to marketing effort”.
In the event that customer needs across the entire market are relatively similar, then the business may decide to use an undifferentiated approach. On the other hand, when customer needs are different across segments, then a differentiated (i.e. targeted) approach is warranted. In certain circumstances, the segmentation analysis may reveal that ...
Psychographic segmentation has been used in marketing research as a form of market segmentation which divides consumers into sub-groups based on shared psychological characteristics, including subconscious or conscious beliefs, motivations, and priorities to explain, and predict consumer behavior. [1]
Claritas PRIZM Premier is a set of geo-demographic segments for the United States, developed by Claritas Inc., which was owned under The Nielsen Company umbrella from 2009 to 2016. PRIZM (Potential Rating Index for Zip Markets) Premier combines demographics, consumer behavior and geographic data for marketers.