Market segment will give me a firm idea if my products and services are actually needed and the type of community who would be interested in purchasing what I have to offer. However, my customers are more
Market Segmentation
Market segment will give me a firm idea if my products and services are actually needed and the type of community who would be interested in purchasing what I have to offer. However, my customers are more than a group of people depending on which I hope to sell to, by examining my research results I will be able to filter my one large group into segments depending on similarities between the groups. It will help me to decide where exactly is my profitability income coming from. On planning my segment I would like to collect quantitative data and qualitative data information in order to find out what exactly I'm looking forward
There are several important reasons why businesses should attempt to segment the market it is given in detail below: Customer needs differ. Creating separate offers for each segment makes sense and provides customers with a better solution. Customers have different disposable income. They are, therefore, different in how sensitive they are to price. By segmenting markets, businesses can raise average prices and subsequently enhance profits
Market segmentation can build sales. For example, customers can be encouraged to trade-up after being introduced to a particular product with an introductory, lower-priced product. Customer circumstances change, for example they grow older, form families, change jobs or get promoted, change their buying patterns. By marketing products that appeal to customers at different stages of their life ("life-cycle"), a business can retain customers who might otherwise switch to competing products and brands
Market segment will give me a firm idea if my products and services are actually needed and the type of community who would be interested in purchasing what I have to offer. However, my customers are more than a group of people depending on which I hope to sell to, by examining my research results I will be able to filter my one large group into segments depending on similarities between the groups. It will help me to decide where exactly is my profitability income coming from. On planning my segment I would like to collect quantitative data and qualitative data information in order to find out what exactly I'm looking forward
There are several important reasons why businesses should attempt to segment the market it is given in detail below: Customer needs differ. Creating separate offers for each segment makes sense and provides customers with a better solution. Customers have different disposable income. They are, therefore, different in how sensitive they are to price. By segmenting markets, businesses can raise average prices and subsequently enhance profits
Market segmentation can build sales. For example, customers can be encouraged to trade-up after being introduced to a particular product with an introductory, lower-priced product. Customer circumstances change, for example they grow older, form families, change jobs or get promoted, change their buying patterns. By marketing products that appeal to customers at different stages of their life ("life-cycle"), a business can retain customers who might otherwise switch to competing products and brands