Market Segments Essay

Three good ways to define merchandise segments (1) Who the guests are (2) Where they are (3) How they behave. How does severally of these definitions apply to you? Name three market place segments of which you could belong. Why? What products or services are you being targeted for? Some of the best ways to define a market segment areIdentifiable The process should identify one or more relatively homogeneous groups of prospective purchasers with regard to their wants and ineluctably and/or their liable(predicate) responses to differences in the elements of the marketing mixthe 4 Ps (product, price, promotion, and place). (Mullins, 2010)Accessible The segmentation criteria should measure or describe the segments clearly enough so that members can 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 advertising or other marketing communicat ion messages. (Mullins, 2010)Sizeable the segmentation process should determine the surface and market potential of each segment for use 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 stage in family life cycle, personality, self-image or benefits.Since every buyer has their own individual needs, preferences, resources etc, it may become a challenge if marketers are looking to cater every customers needs. Since I am an athlete, I can be targeted for running shoes of a particular style that provides me with the support and stability that I need when I run. Based on my needs, I am m ost segmented to be a prospective buyer that is moved by price and promotion, making sure I am get the best deal for the product that I am interested 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). Marketing management A strategic decision making approach (7th ed.). Boston McGraw-Hill Irwin.