Business in general relies a lot on marketing strategies because it is through these tactics that a business entity will know how to promote the product to the right customer. Basically, one of the most important aspects of marketing would be the target segmentation because this would involve knowing how to position the product in the market. In order for a marketer to do this, he has to make a really good market segmentation strategy.
In order to develop good strategies, a marketing person should always first consult the Maslows Hierarchy of Needs because this will be his basis on what kind of people he must target for his product. The levels of this hierarchy are the basic needs, safety needs, belonging, self esteem, and of course self actualization. The product that will be sold must fall into either one of these categories of needs and it is up to the marketer to determine which one.
From the hierarchy, one will be able to know what type of product he is to sell. He will either be marketing a convenience product, an unsought product, a shopping product, or a specialty product. If one would connect these to the hierarchy, he can see that the convenience products satisfy the basic needs, the unsought ones satisfy the safety needs, the shopping ones for the belonging, and the specialty ones handle the self esteem and self actualization.
By knowing what category the product would fall under, it is actually very simple to determine which consumers should be targeted. Determining the demographics of a certain group is the next step in the process. Basically, one has to determine the gender of the market, the age range, and the income bracket in which they belong in.
By going deeper, this means that the marketer has to analyze the the movements of the customers in order to know how they work. In order to do this, he has to determine the psychographics to know the cluster of behavior patterns. A marketer has to take a close look at how the consumer behaves, where he likes to go, and what he likes to do.
Of course a business would want their customers to remain loyal which is why they must also know how to target those who will keep on using the product. Basically, the behavioral patterns will must be specifically identified so that one will be able to zoom in on the right people. In a nutshell, the behavioral patterns target the rate of usage, usage patterns, price reaction, and brand loyalty.
Through this process, it is now possible to make great strategies. The four Ps of marketing will be at work here now because these concepts will be the one that will mix up all the above concepts. From there, a lot of things may now be implemented.
So as one can see, making a market segmentation strategy not only takes a look at the consumers but also at the product. Basically, one has to take a look at the product then the specific customer that should be serviced. It is a process that goes from broad to specific.
In order to develop good strategies, a marketing person should always first consult the Maslows Hierarchy of Needs because this will be his basis on what kind of people he must target for his product. The levels of this hierarchy are the basic needs, safety needs, belonging, self esteem, and of course self actualization. The product that will be sold must fall into either one of these categories of needs and it is up to the marketer to determine which one.
From the hierarchy, one will be able to know what type of product he is to sell. He will either be marketing a convenience product, an unsought product, a shopping product, or a specialty product. If one would connect these to the hierarchy, he can see that the convenience products satisfy the basic needs, the unsought ones satisfy the safety needs, the shopping ones for the belonging, and the specialty ones handle the self esteem and self actualization.
By knowing what category the product would fall under, it is actually very simple to determine which consumers should be targeted. Determining the demographics of a certain group is the next step in the process. Basically, one has to determine the gender of the market, the age range, and the income bracket in which they belong in.
By going deeper, this means that the marketer has to analyze the the movements of the customers in order to know how they work. In order to do this, he has to determine the psychographics to know the cluster of behavior patterns. A marketer has to take a close look at how the consumer behaves, where he likes to go, and what he likes to do.
Of course a business would want their customers to remain loyal which is why they must also know how to target those who will keep on using the product. Basically, the behavioral patterns will must be specifically identified so that one will be able to zoom in on the right people. In a nutshell, the behavioral patterns target the rate of usage, usage patterns, price reaction, and brand loyalty.
Through this process, it is now possible to make great strategies. The four Ps of marketing will be at work here now because these concepts will be the one that will mix up all the above concepts. From there, a lot of things may now be implemented.
So as one can see, making a market segmentation strategy not only takes a look at the consumers but also at the product. Basically, one has to take a look at the product then the specific customer that should be serviced. It is a process that goes from broad to specific.
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