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1. Developing A Market Segmentation Strategy

2. Business in general relies a lot on marketing strategies
because it is through these tactics that a business entity
will know how to promote the product to the right
customer. Basically, one of the most important aspects
of marketing would be the target segmentation because
this would involve knowing how to position the product
in the market. In order for a marketer to do this, he has
to make a really good market segmentation strategy.

3. Everyone is probably familiar with the concept of the
hierarchy of needs made by Maslow which states that a
person has five levels of needs that have to be satisfied.
These are the things needed to live, then the things
needed to stay safe, then the things needed to feel a
sense of belonging, and the things needed to make one
feel good. All products will have to be under one of
these needs otherwise the product will not do well in
the market.

4. From the hierarchy, one will be able to know what type
of product he is to sell. He will either be marketing a
convenience product, an unsought product, a shopping
product, or a specialty product. If one would connect
these to the hierarchy, he can see that the convenience
products satisfy the basic needs, the unsought ones
satisfy the safety needs, the shopping ones for the
belonging, and the specialty ones handle the self esteem
and self actualization.

5. By knowing what category the product would fall under,
it is actually very simple to determine which consumers
should be targeted. Determining the demographics of a
certain group is the next step in the process. Basically,
one has to determine the gender of the market, the age
range, and the income bracket in which they belong in.

6. When one has already determined the demographics of
the target segment, then it is time to go a little bit more
micro when it comes to the consumer. Now the
psychographics would involve the lifestyle of the
consumer and how the mind of the consumer would
work. Basically, psychographics would cover the
activities, interests, behavioral patterns, and opinion of
the consumer.

7. Zooming in on the interests and behaviors of the
consumer would enable the marketer to be able to solve
the brand loyalty issue. Brand loyalty means the bond
that the customer has with a certain brand. By taking a
look at the lifestyle of the consumer, the marketer may
now connect the brand to his lifestyle so that he will
keep on using the brand.

8. With the help of the price, product, place, and
promotion strategies, one may now be able to come up
with a strategy in targeting the specific group of people
to sell the product to. Basically, one has now already
determined the target segment at this point. From
there, a great plan for zooming in on them can be made.

9. So as one can see, making a market segmentation
strategy not only takes a look at the consumers but also
at the product. Basically, one has to take a look at the
product then the specific customer that should be
serviced. It is a process that goes from broad to specific.

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