Effective Marketing Business Plan

Marketing Segmentation is one of the steps that goes into defining and targeting specific markets. The process of dividing a market in a different group of buyers who require different products or marketing mixes.

In the Marketing Segmentation a key success factor in today's market is to find subtle differences to give a company the marketing edge.

Marketing opportunities are increasing, when segmented groups of customers and clients with different needs and desires are recognized. Markets can be segmented or who have used a variety of factors. The bases for segmenting consumer markets are:

• Bases demographic (age, family size, life cycle, occupation)
• Geographical basis (states, regions, countries)
• Bases of behavior (product knowledge, use, attitudes, responses)
• Bases psychographic (lifestyle, values​​, personality)

A company must analyze the needs and desires of different market segments before determining its own niche. To be effective Marketing Segmentation. You must have the following things in mind:

• Segments or target markets must be open for business.
• Each segmented group must be large enough to provide a solid customer base.
• Each segmented group requires a separate marketing plan.

Large companies segment their markets by conducting extensive market research projects. This research is often too expensive for small businesses to invest, but there are ways for small businesses to segment their markets.

A small business can do the following to obtain knowledge and information on how to segment their markets:

Use the resources of the date and secondary qualitative research. You can use the following resources for external secondary data:

• Trade and association publications and experts.
• Basic research publications.
• Measuring external services

Conduct informal factor and cluster analysis by:

•  Viewing marketing efforts and key competitors copy them.
• Talking to key trade buyers new product launches.
• Conducting needs analysis of qualitative research with individuals and groups.

There are many reasons for the marketing division into smaller segments. At any time you suspect there is significant and measurable differences in the market should take account of Marketing Segmentation.