The Marketing Of A Good Market Segmentation Essay

809 Words Nov 7th, 2016 4 Pages
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.). Market segmentation has six steps: “delineate the firm’s current situation, determine consumer needs and wants, divide markets on relevant dimensions, develop product positioning, decide segmentation strategy, and design marketing mix strategy” (Peter & Donnelly, 2013). 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…

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