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MARKET SEGMENTATION Marketing strategy Market. Persons or organizations with needs to satisfy, money to spend and that are willing to spend it. Target Market. Group of clients (persons or organizations) to whom the seller directs all the marketing mix. Concentrated market It is a strategy where you treat the market as a whole. Develops only one marketing mix to arrive to any possible consumer. Market segmentation Is the process of dividing a market into smaller subgroups defined by specific characteristics and directing a marketing mix toward a particular segment or segments rather than to the total market. Segmentation vs. Concentration The enterprise could create a defined product for the decided audience. You will have less competitors if the segment is more limited . The niches are born from this segmentation, groups which needs haven't been covered. Example: Adults - Overweight - diabetic- over 40 years. Basic consumers Consumer markets. Consist of purchasers and/or individual household members who buy for their own consumption. Industrial Users. Enterprises, industries or organizations , that buy goods or services for use them in the enterprises or to manufacture new products. Segmentation Variables Geographic segmentation Is the study of the market based on where customers live. Divides the market in determined segments by its geographic unit, like nations, states, regions, cities or communities Consumer and industrial users: Region City or MSA Urban/Rural Climate Demographic segmentation Demographics are the personal characteristics of a population. The market is divided in groups based on demographic variables: Consumer market: Age, Gender, Family life cycle, Family size, Income, Occupation, Education, Religion, Race, Nationality, Social class Industrial users: Size of the enterprise, sector, Sales level, between others Psychographic segmentation Is the study of consumers based on social and psychological characteristics. Based on their life style and personality. Consumer Values Opinions Beliefs Motivations Attitudes Personality Life Style elements (activities and interests) Industrial Socially responsible Environment Behavioral segmentation The market is segmented according to the attitude, use, knowledge and behavior toward a product. Behavior variables are the following: Status Loyalty Benefits Rejection Target market When you identify the different segments you are ready to select your Target group or Market. This is the specific market where all the efforts are concentrated for the planning and Marketing strategy. Conditions Is the segment viable? Can we make a profit from it? Is the segment accessible? How easy is it for us to get into the segment? Is the segment measurable? Can we obtain realistic data to consider its potential?