Market Segmentationpsychology Essay Example
Market Segmentationpsychology Essay Example

Market Segmentationpsychology Essay Example

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  • Pages: 1 (215 words)
  • Published: November 27, 2017
  • Type: Analysis
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In order to effectively segment a market, there are four important criteria that must be met. Firstly, the segmentation within the market must be homogenous. This refers to the fact that responses to the marketing mix should be similar within the targeted segment. Secondly, the segmentation must be heterogeneous between different segments. Additionally, the segment must be substantial, or large enough to justify a dedicated marketing strategy. Finally, the segmentation must be operational, or easily targeted and reached through marketing efforts. Meeting these criteria ensures that marketing efforts are profitable and successful in identifying customers' needs and wants, as well as responding effectively to t


he four Ps of marketing (product, place, price, and promotion).

It is important to segment divisions in a similar manner to better target the desired audience. It is evident that customers in different segments will have varied responses to marketing mixes and the segmenting division. The substantiality of a segment is determined by its size, it must be big enough to generate profits. Hence, it is imperative to focus on the operational aspect of segmentation for substantial segments that will serve the marketer’s needs and wants.

In essence, the effectiveness of a segment is based on its ability to identify customers and inform appropriate marketing tactics, specifically the marketing mix.

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