To define market segments, a company goes through a process of discovery that begins with research. Discuss the steps necessary to uncover, develop, define, and target specific markets.
To define market segments it is important to first analyze the market. In order to uncover the market segments, the market can be analyzed by the purchases consumers are currently making. An example would be in cars. The automobile category can be divided into luxury, sporty, SUV's, family cars, hybrids, and value. In analyzing market it is important to consider pricing in market, product availability, product quality, stock situation, variety, and popularity of product. A market research firm could be hired to do this, one can visit retail establishments to observe the situation; one can investigate industry information (news releases, blogs, websites, industry conferences), conduct ...
This solution discusses the steps necessary to uncover, develop, define, and target specific markets in market segmentation.