30 / March / 2021 : 11-27
How to Conduct Effective Market Segmentation
Market segmentation is the process of dividing a broader market into smaller groups of consumers with similar needs and characteristics. Effective market segmentation can help businesses better understand their customers and tailor their marketing strategies to meet their unique needs.
To conduct effective market segmentation, businesses should:
Identify and understand their target market: Conduct market research to identify the key characteristics of their target market, such as demographics, geographic location, psychographics, and behaviors.
Determine relevant segmentation criteria: Decide on the factors that will be used to segment the market, such as age, income, gender, or lifestyle.
Develop marketing strategies: Develop marketing strategies tailored to each segment, taking into account their unique needs and preferences, to effectively reach and engage them.
Monitor and adjust: Continuously monitor the effectiveness of the segmentation strategy and adjust as necessary to ensure the company remains responsive to changes in the market and consumer needs.
Published on 30 / March / 2021 : 11-27
Published by
Liana Aloyan
Journalist, columnist. Liana studies at the Faculty of Russian Philology of Khachatur Abovyan State University. She has been working at Yelaket (Yelaket.am) news agency since 2019 as a journalist and columnist. Writes articles about business and marketing. Liana is a member of "Media association" since 2020.
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