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Q&A - What is market segmentation?
Market segmentation is the technique used to enable a business to better target it products at the right customers. It is about identifying the specific needs and wants of customer groups and then using those insights into providing products and services which meet customer needs.
Segments are usually measured in terms of sales value or volume. In the diagram below, segment B is twice the size of segment C:
Why do businesses need to segment their markets? Because customers differ in the…
- Benefits they want
- Amount they are able to or willing to pay
- Media (e.g. television, newspapers, and magazines) they see
- Quantities they buy
- Time and place that they buy
There are various methods (or “bases”) a business can use to segment a market. Some of the most populare are summarised below:
The rise of Poundland and reflections on price elasticity of demand [4 Jul 2012]
Extreme Market Segmentation? [20 Feb 2012]
Crazy Frog-Great example of a targeted marketing mix? [28 Jan 2012]
Niche segmentation - Britain’s Last Teddy Bear Maker [23 Feb 2011]
BUSS1 Revision Quiz - Understanding Markets [15 Dec 2010]
Bruce Poon Tip exploits a huge Gap in the adventure market [12 Dec 2010]
Segmentation & Pricing - the Ice-Cream Price Pyramid [17 Nov 2010]
Insights into the Ice Cream Market [11 Sep 2010]
The FT and Online Paywalls - a Winning Strategy? [30 Jul 2010]
Business survival strategies for independent bookshops [14 Jun 2010]
The Business of Festivals [8 Jun 2010]
Can the Dell Streak Find a Large Enough Gap in the Market? [25 May 2010]
BUSS4 UK Recession - More Profit & More Customers - How Sainsburys Did It [25 May 2010]
Niche marketing? Its Pants [15 May 2010]
Q&A - What is the difference between niche and mass marketing? [15 Jan 2010]
Q&A - Outline the main business benefits from market segmentation [15 Jan 2010]
Video Case Study - Luxury Sound Maker Ditches CDs [4 Dec 2009]
The lights go out for the nightclub market [26 Sep 2009]
Segmentation strategy - Halfords abandons premium retail brand [16 Apr 2009]
A new approach to segmenting the holiday industry [27 Jan 2009]
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