Purchase Solution

Market Segmentation Steps

Not what you're looking for?

Ask Custom Question

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.

Purchase this Solution
Solution Summary

This solution discusses the steps necessary to uncover, develop, define, and target specific markets in market segmentation.

Solution Preview

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 ...

Solution provided by:
Sally Baldwin, Ed.D
Education
  • BA, University of Southern California
  • MSS, United States Sports Academy
  • Ed.D, Boise State University
Recent Feedback
  • "Thk u"
  • "Thank you!:)"
  • "Thank you!:)"
  • "Thank you!:)"
  • "Thank you!:)"
Purchase this Solution
Free BrainMass Quizzes
Social Media: Pinterest

This quiz introduces basic concepts of Pinterest social media

Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

Motivation

This tests some key elements of major motivation theories.

Operations Management

This quiz tests a student's knowledge about Operations Management

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.

View More Free Quizzes
Related BrainMass Solutions

  • Segmentation

    19462 Segmentation Which one of the market segmentation criteria is most difficult to identify and measure? Can you please explain the relationship between marketplace diversity and demographics?

  • Market Segmentation and the Marketing Concept

    The expert explains how market segmentation is related to the marketing concepts.

  • Changing Social Forces Related to Eating Habits and Cars

    It requires careful segmentation of different market segments by demographics such as age, economic status, gender, and lifestyle. Proper segmentation is necessary for producers with a wide range of food products.

  • Marketing Segmentation

    Marketing-Strategy:-7-Steps-to-Market-Segmentation&id=82831 I hope that this information is helpful. If you like, in the future you may request me as an OTA. I encourage you to use Brain Mass in the future for your educational needs.

  • Segmenting the Market, Target Margeting

    The decisions involved in targeting strategy include: which segments to target how many products to offer which products to offer in which segments There are three steps to targeting: market segmentation target choice product positioning

  • Segmentation Strategies to Target Potential Consumers

    The segmentation strategies will enable the company to drive into complete market takeover (Market Segmentation, 2010).

  • How has the automobile industry segmented the market?

    Segmentation renders companies with a base to target their market and customers through which they attract customers. So, we can conclude that segmentation of market is vital for the success of the industry.

  • Importance of Competitive intellegence in marketing

    Ginter 1987 Market Segmentation, Product Differentiation, and Marketing Strategy The Journal of Marketing, Vol. 51, No. 2 (Apr., 1987), pp. 1-10 A detailed answer comprising of around 400 words has been provided.

  • This posting addresses online consumer market segmentation

    391106 Online consumer market segmentation Describe market segmentation of online consumers. The basic process of market segmentation involves identifying consumers that have been classified into specific groups, all who have similar needs.

View More Related Solutions