Effective Marketing Business Plan

Marketing segmentation Known as the division of a market into different homogeneous groups. Instead of offering the same mix of many different clients marketing, marketing segmentation allows companies to adapt the marketing mix for specific markets, customer needs best suited. Not all marketing mix elements necessarily change from one segment to another. For example, in some cases, only the campaigns would be different.

A marketing segmentation should be:

• measurable
• accessible by communication and distribution channels
• different in their response to marketing mix
• durable (not changing too fast)
• important enough to be profitable

A market can be segmented by different criteria, and industrial markets are somewhat different segments of the consumer, as described below.

Consumer Marketing Segmentation

A basis for segmentation is a factor that varies between groups within a market, but is consistent within the groups. We can identify four major bases in the consumer market segment:

• Geographic segmentation is based on regional variables, such as region, climate, population density, and the rate of population growth.

• Demographic segmentation is based on variables such as age, gender, ethnicity, education, occupation, income and family status.

• Psychographic segmentation based on variables such as values, attitudes and lifestyle.

• Segmentation of behavior is based on variables such as usage rate and patterns, price sensitivity, brand loyalty, and the benefits sought.

The best basis for segmenting the market will depend on the particular situation and are determined by the marketing research, market trends, and management criteria.

Marketing Segmentation

Although many of the foundations of consumer market segmentation can be applied to companies and organizations, the different nature of business markets often leads to the segmentation of the following bases:

• Geo - depending on variables such as the regional concentration of customers, the regional rate of industrial growth, and international macroeconomic factors.

• Client type - based on such factors as the size of the organization, its industry, its position in the value chain, etc.

• Buyer behavior - based on factors such as loyalty to suppliers, usage patterns and order size.

Profiles of the segments

The marketing segmentation identified are summarized profiles, often gives a descriptive name. From these profiles, the attractiveness of each segment can be evaluated and selected a target marketing segmentation.