A segment profile is a descriptive summary of the size, needs, behaviors and preferences of consumers within a particular market segment, with the goal of evaluating segment attractiveness and developing suitable marketing strategies.
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The market segmentation evaluation criteriaAfter constructing a set of market segments in the STP process, the market segments are then subject to evaluation against a set criteria.This is a checkpoint stage in the STP process. Its goal is to ensure that the segments meet basic requirements and guidelines for usable segments.Main Evaluation Criteria for Market
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How to segment a market? (Technical aspects)There are two main approaches: cluster analysis (if data is available), otherwise segmentation trees.Cluster analysisCluster analysis is an analysis designed to categorize objects to a pre-defined number of different groups, with each group being relatively similar on a range of selected attributes. The resultant groups are referred to as
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What is a business segmentation base?A business segmentation base is definable characteristics or behavior of organizations that can be utilized to classify the organizations into related groups, for the purpose of target marketing.Main business segmentation bases (with examples)Geographic location/s: Where the business operates. Examples: Countries, regions, spread of operations across areasBusiness description: Basic description of
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Geographic Segmentation Base AdvantagesConsiders cultural differences of different regionsGood for firms with limited geographic reach needing to select a specific target marketGreat when there is significant socio-economic diversity and significant consumer behavioral differences across regionsGeographic Segmentation Base LimitationsAssumes that consumers in a geographic area are similar, which is generally unlikely across a broad areaUsually needs
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Quick Study Notes for Market segmentationDefinition of market segmentationThe process of splitting a market into smaller groups with similar product needs or identifiable characteristics, for the purpose of selecting appropriate target markets.What are segmentation bases?A definable characteristic, identity or behavior of an individual consumer that can be utilized to classify consumers into related groups.Why Use
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Quick Study NotesMarketConsists of many buyers and sellers, within a particular industry or product category, who are seeking to create or gain value through the exchange of products for money.Sub-marketA smaller and more defined sector of an overall market, which has a number of differing marketing and structural features, which may include distinct distribution channels,
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What is STP in Marketing?STP stands Segmentation, Targeting and PositioningSTP is a process where a marketer:Segments an overall market,(segmentation)Evaluates each market segment on a set criteria,Selects the most appropriate target market/s for the firm,Then establishes an appropriate positioning in order to compete in that target market,Which would then be supported by the firm’s marketing mix
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Customer lifetime value is often called marketing’s golden metric. Certainly in most service industries, customer lifetime value would be a very important marketing metric.Customer lifetime value can be calculated quite simply at times, with a ballpark estimate. This may be appropriate for quick calculations and for general comments within a meeting, but is not suitable
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Why create a perceptual map from scratch?Perceptual maps are often quite difficult to format, so take advantage of the free perceptual map template that I have built for Microsoft Excel.It is quick and easy to use – ideal if you need to analyze multiple perceptual maps the same time.Here is the link to the download
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