24 / August / 2022 : 11-04
Market Segmentation and Targeting: Key to Successful Marketing
Market segmentation and targeting are essential concepts in marketing that help companies to identify and reach their target audience effectively. Market segmentation involves dividing a larger market into smaller groups of consumers who share similar needs, preferences, or characteristics. By segmenting the market, companies can tailor their marketing strategies and messages to the specific needs and interests of each group, rather than using a one-size-fits-all approach.
Once the market is segmented, companies can then choose which segments to target based on factors such as segment size, profitability, and growth potential. This process is known as targeting. By targeting specific segments, companies can focus their marketing efforts and resources where they are most likely to have the greatest impact.
There are several approaches to market segmentation, including demographic, psychographic, behavioral, and geographic segmentation. Demographic segmentation divides the market based on factors such as age, gender, income, and education. Psychographic segmentation is based on consumer attitudes, values, and lifestyles. Behavioral segmentation divides the market based on consumer behavior, such as their purchase history or usage rate of a product or service. Geographic segmentation is based on where consumers live or work.
Effective market segmentation and targeting can lead to several benefits for companies, including increased sales and profits, improved customer satisfaction, and stronger brand loyalty. It can also help companies to stay ahead of competitors by identifying new and emerging market trends and opportunities.
In summary, market segmentation and targeting are critical components of a successful marketing strategy. By understanding their target audience and tailoring their marketing efforts accordingly, companies can increase their chances of success and achieve their business goals.
Published on 24 / August / 2022 : 11-04
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.
Viewed
3863times
Recommended
21 / February / 2020
Where Do The Richest Americans Live?
Have you checked the newest "Forbes 400: The Full List of The Richest People in America" yet?
Surprise, Bill Gates, with a net worth of $81 billion, is ranked No. 1 for the 23rd year running....
17 / June / 2021
Gold loses its shine as Fed hints at rate hikes
The Federal Reserve surprised the market Wednesday with projections that future interest rate hikes will come a bit sooner than expected. Gold bugs in particular were disappointed.The price of gold...
17 / June / 2021
Jobless claims unexpectedly rose last week
Claims for unemployment benefits rose unexpectedly last week, marking the first increase in initial claims since late April.Another 412,000 workers filed for first-time benefits in the week ended...
16 / July / 2021
Abu Dhabi’s maritime sector strategy shifts to diversification, less reliance on oil
“No one is safe, unless everyone is safe” is the thinking behind herculean efforts to immunise the world against Covid-19.Abu Dhabi, capital of the United Arab Emirates (UAE) and a strategic hub...
15 / February / 2022
Ameriabank is the first in Armenia to place green bonds via public offering
Ameriabank announced today public placement of nominal, coupon, book-entry bonds with the total volume of USD 8 million and AMD 3 billion during the period from February 14 to April 22, 2022,...
22 / February / 2022
Ameriabank receives another IFC award in trade-finance sector
Ameriabank CJSC has been named the Best Issuing Bank in the Caucasus for 2021 by International Financial Corporation (IFC), a member of the World Bank Group, in the 10th annual award ceremony in...
02 / March / 2022
Global Finance Names Ameriabank “Best Investment Bank” in Armenia
Global Finance reputable magazine has published the list of winners of the World’s Best Investment Banks 2022 Award, naming Ameriabank the “Best Investment Bank in Armenia” for the seventh year in...
31 / March / 2022
Ameriabank’s ‘Live Armenian,’ ‘Live with a Smile,’ ‘Live Limitless’ promotional draws’ winners...
Ameriabank on Wednesday summed up the promotional draws “Live Armenian”, “Live with a Smile” and “Live Limitless” and announced the results.From December 9, 2021 to March 9, 2022, the Bank offered...