Choose an example of market segmentation. Discuss the criteria used to segment the market and the strategies used to appeal to the segment.
Market segmentation is a process of dividing the overall potential market for their products into smaller groups with similar needs and wants so that the company can better develop effective marketing strategies.
Thus segmentation involves classifying the market on various parameters such as flavor, age, region etc.
Example OF TARGET
Segmentation on the basis of Location and Area:
The company is using different format of stores at different location to satisfy different type of needs:
? Urban stores
These are the stores targeted only for the urban cities.
They are located in the bigger locations and named it as SuperTarget .
They are about 175,000 square feet (16,000 m²). They carry everything a Target or a Target Greatland does in addition to a grocery store, including produce, deli, meats, liquor, and baked goods. Many SuperTargets also feature a Starbucks coffee shop, a Pizza Hut Express, a Wells Fargo Bank, portrait studio, and an optical store.
Target stores are generally ...
This explains the varipus types of Market segmentation supported by examples