Understanding what is a market segment - and its value to your business

Understanding what is a market segment In this podcast episode, we learn that market segmentation is essential in marketing, involving dividing a broad target market into smaller segments to customise marketing efforts effectively. This approach, rooted in the works of scholars like Philip Kotler and Wendell R. Smith, enhances businesses' chances of success. Market segmentation encompasses demographic, psychographic, behavioural, and geographic methods, allowing companies to resonate with diverse customer groups. Selecting the right segments involves thorough research, evaluating attractiveness, assessing accessibility, creating unique positioning, and continuous refinement. In contrast, Kotler's "Principles of Marketing" (1980) explores marketing strategies, including undifferentiated marketing (targeting the entire market with a uniform offering), differentiated marketing (tailoring products to specific segments), and concentrated marketing (focusing on niche segments). Each strategy has its merits, contingent on factors like market dynamics, resources, and objectives.

 

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