DQ1WK3Q1 – DGutierrez On average, one can be exposed to about 5,000 ads in one day whether it be through social media, magazines, television, or online surfing (Johnson, 2006). For example, if you are doing some online shopping, you might find an ad on Facebook that is related to clothing or shoes. Similarly, if you are on a specific channel, like the Food Network channel, most of the ads you will see are food related. The following describes how marketers are able to make this happen, the steps they take, and why it is so important to do so. Market segmentation is “the process of dividing a market into groups of similar consumers and selecting the most appropriate group(s) for the firm to serve” (Peter & Donnelly, 2013). In other words, this is the process that helps a business decide its target group. A good market segmentation will create segment groups that are “as similar as possible within the segment, and as different as possible between segments” ("Market Segmentation", n.d.).
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The first step, delineating the firm’s current situation, occurs when a business does a complete situational analysis that determines the “objectives, opportunities, and constraints for when selecting target markets and developing marketing mixes” (Peter & Donnelly, 2013). The second step is determining the needs and wants of a segment. In this step, a business may ask “what are the needs of the customers and how can we group those customers based on their needs” (Bhasin,
The first step, delineating the firm’s current situation, occurs when a business does a complete situational analysis that determines the “objectives, opportunities, and constraints for when selecting target markets and developing marketing mixes” (Peter & Donnelly, 2013). The second step is determining the needs and wants of a segment. In this step, a business may ask “what are the needs of the customers and how can we group those customers based on their needs” (Bhasin,