Market Segments Essay

tercet good charges to learn market plane sections (1) Who the customers be (2) Where they are (3) How they behave. How does individually of these definitions apply to you? Name ternion market segments of which you could belong. Why? What returns or services are you being targeted for? Some of the best ways to define a market segment are recognisable The do by should identify one or much relatively homogeneous groups of prospective buyers with regard to their wants and ineluctably and/or their likely responses to differences in the elements of the marketing pleatthe 4 Ps ( product, price, promotion, and place). (Mullins, 2010)Accessible The segmentation criteria should musical rhythm or describe the segments clearly enough so that members can be readily identified and accessed, in order for the marketer to know whether a apt(p) prospective customer is or is not in the tar- get market and in order to ease up the prospective customer with advertising or other(a) market ing communication messages. (Mullins, 2010)Sizeable the segmentation process should determine the size and market potential of each segment for use in prioritizing which segments to pursue. (Mullins, 2010) A fragment of analyzing market segments is to understand who and where are the customers and why do they differ. Market segments should be formed in that way that difference between buyers inwardly each segment is as small as possible. Segmentation helps marketers disclose one customer group from another within a given market which is geographic area, demographic characteristics, social class, and stage in family life cycle, personality, self-image or benefits.Since every buyer has their own individual needs, preferences, resources etc, it may become a challenge if marketers are flavour to cater every customers needs. Since I am an athlete, I can be targeted for raceway shoes of a particular style that provides me with the incarnate and stability that I need when I run. gr ound on my needs, I am most segmental to be a prospective buyer that is move by price and promotion, making sure I am getting the best deal for the product that I am interested in. In the end, the product that provides the best bundle of benefitsgiven the customers particular needs is most likely tobe purchased (Mullins, 2010).ReferenceMullins, J. W., Walker, Jr., O. C., & Boyd, H. W. (2010). Marketing management A strategical decision making approach (7th ed.). Boston McGraw-Hill Irwin.