How can we spot and choose the right market segment(s)to serve?

Question

marketing chapter-the above quetions posed by marketers

Answer 1

You need to consider several things to determine your market segment. Here are just a few of the more obvious considerations:

1. Who uses your product? Who does it appeal to?

2. Who influences the purchase of your product? If you are selling breakfast cereal, the mother in the household may make the actual purchase, but her children may influence her decision.

3. How expensive is your product or service? Does it appeal to a mass audience, or is available only to those of a certain income.

4. How is your product sold or distributed? Can it only be purchased online or in select geographic areas of the country?

5. Is your product the type of thing one usually purchases for him/herself, or is usually bought for someone else?

6. Does your product/service appeal only to those with a certain education level?

These are types of questions you will want to ask yourself as you start to prepare your marketing strategy. These days, it is simply too expensive and inefficient to market yourself to the world. It's much better to identify select audiences and to market to them.

Good luck.