Market Segmentation Riyad Meah, Mae Marney, Chloe Jackson and Ronnie Horsley.

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Market Segmentation Riyad Meah, Mae Marney, Chloe Jackson and Ronnie Horsley

What it is Market segmentation is an distinguishable group of individuals (or part of a market) where consumers share one (or more) characteristics or need. Examples: Demographic, Geographic, Behavioural, Psychographic and Religion.

Small and Large Markets Small companies use market segmentation to break in to an established market. Large companies cover two different possibilities: 1. Add one niche product to a portfolio otherwise dominated by the mass market 2. Multiple Segmentation – niche brands add up to a market leading position

How to segment a market 1. Research into different types of customer within a marketplace 2. See what they have in common 3. identify the segment you want to work on then conduct some qualitative research 4. Devise a product designed not for the whole market but for a particular segment