Market Segments Essay

Three good ways to deposit market segments (1) Who the customers are (2) Where they are (3) How they behave. How does each of these definitions apply to you? Name terzetto market segments of which you could belong. Why? What products or services are you being tar get alonged for? round of the best ways to define a market segment areIdentifiable The subprogram should identify one or more comparatively homogeneous groups of prospective vendees with regard to their wants and needs and/or their likely responses to contraventions in the elements of the marketing mixthe 4 Ps (product, price, promotion, and place). (Mullins, 2010)Accessible The segmentation criteria should neb or describe the segments clearly enough so that members discharge be readily identified and accessed, in order for the marketer to know whether a given prospective customer is or is not in the tar- get market and in order to reach the prospective customer with advertizement or other marketing communication m essages. (Mullins, 2010)Sizeable the segmentation process should determine the size and market potential of each segment for utilise in prioritizing which segments to pursue. (Mullins, 2010) A part of analyzing market segments is to understand who and where are the customers and why do they differ. Market segments should be formed in that way that difference between buyers within each segment is as small as possible. Segmentation helps marketers distinguish one customer group from another within a given market which is geographic area, demographic characteristics, social class, and level in family life cycle, personality, self-image or benefits.Since every buyer has their own individualist needs, preferences, resources etc, it may become a challenge if marketers are looking to put up every customers needs. Since I am an athlete, I can be targeted for running shoes of a particular style that provides me with the punt and stability that I need when I run. Based on my needs, I am most segmented to be a prospective buyer that is moved by price and promotion, making sure I am getting the best deal for the product that I am elicit in. In the end, the product that provides the best bundle of benefitsgiven the customers particular needs is most likely tobe purchased (Mullins, 2010).ReferenceMullins, J. W., Walker, Jr., O. C., & Boyd, H. W. (2010). market management A strategic decision making approach (7th ed.). capital of Massachusetts McGraw-Hill Irwin.