Submitted by: Submitted by mpratap
Views: 262
Words: 362
Pages: 2
Category: Business and Industry
Date Submitted: 11/19/2012 08:06 AM
Table of Contents
Introduction
Overview of Market Segmentation
B2B and B2C Markets
Process of Market Segmentation
Form Customers into Segments
Develop a Market-Product Grid
Select Target Market
Implement Go-to-Market Plan
Conclusion
About Lazarus Research Group
Overview of Market Segmentation
Due to a large and demanding marketplace, it is often
difficult and expensive to be able to know what all
customers want and need. Customers have different
demands for the products they seek and because of this
they react differently to the marketing actions used by
marketers in regards to price, product, promotion and
distribution. This makes it challenging for marketers to
reach out and address the demands of all customers. In
order to eliminate this problem, segmentation divides
customers into groups based on their similarities.
Segmenting markets gives your company the opportunity
to reach different markets, establish target markets,
specifically address and respond better to customer
needs, develop a focused marketing plan, reduce
competition and increase sales and profit through
customer retention.
Introduction
In our series “Elements of a Successful Business Plan” we
are sharing ideas for business planning. Common elements
included in a successful business plan are competitive
analysis, value proposition, pricing structure and market
segmentation. This paper, “Market Segmentation”,
focuses on how to develop market segmentation and how
it can help companies better understand their customers.
Market segmentation is an essential tool for recognizing
and responding to the needs of prospective customers.
Key topics to consider when determining if market segmentation
is right for your company include:
• Is my company able to segment more than one
product?
• Will my pricing strategy change based on segmentation?
• Are there differences in my Business-to-Business
and Business-to-Consumer segments?
• Will segmentation affect my...