Market segmentation is a classification of consumer groups according to their needs, wants, and duration of consumption with respect to marketing activities. Many organization fails to do it just because they don’t perform segmenting, they confuse segmentation with demographic, or they don’t have the answer for- why they want to do it? Or what decision will be taken on the information they got?
The assignment on this part of the study always makes students anxious about the preparation of the document that leads them to online segmenting positioning assignment help. It is one of the useful strategies for businesses, but it’s nothing more than a horror story for a student. To make it easy for students to remember the steps of marketing segmentation, here is the easiest way. A 3 S-T-EP guide is highlighted to make any student learn the concept behind segmentation. The steps are as follows.
1. Segmentation - It is a process of dividing customers according to their need, want, area, behaviour, and mentality. The main goal of segmentation is to divide the homogeneous customer according to their criteria & traits. There are 4 main types of segmentation:-
Geographic - This segmentation divides the customers according to their country, state, region, province, or locality.
Demographic - This segmentation divides the customers according to their age, gender, education, occupation, etc.
Behavioral - This is the most beneficial & hardest segmentation to perform. It deals with customers by dividing them according to how they interact. What do they buy? How often they buy? Etc.
Psychographic - This type of segmentation divides customers according to ‘who’ is your potential customer by checking their lifestyle, hobbies, activities, opinion, etc.
2. Targeting - After performing segmentation, it’s time to find real target customers, which is done in this step. The only aim of targeting is to find out which segment is most likely to fufill the desired objective. The perfect segment is defined when it is actively growing, has high profit, and has low-cost acquisition.
Size - Check the size of segmentation and find how large it is, as well as check the growing rate of it for future purposes.
Profitability - Calculate the value of customers of each segment & compare which segment can get you high profit. Check which segment is willing to expand more value on your product or services.
Reachability - Check Customer Acquisition Cost (CAC) for every segment. Higher the CAC, lower the profit you get from that segment. Also, check how difficult it is to reach for every segment with your marketing strategy.
3. Equal Positioning - The final step of marketing segmentation is positioning, which helps in building the value of product & service compared to the competitive organization.To make your product & service stand out as compared to those, this step is used.
Symbolic - It focuses on the image, class, or even ego of your customer. The perfect example of this is Apple.
Functional - It’s genuine positioning of a product or service according to the benefits customer receive in favour of using or buying the service or product.
Experiential - It focuses on the emotional connection of your customer from your product & services.
These are the 3 steps that can help students seeking online segmenting positioning assignment help. They can easily understand & learn the process of segmentation with the help of this write-up.
Summary:-
This article focuses on the easy learning of the process of marketing segmentation. To make it easy, the process is divided into 3 S-T-EP, which can help students to learn it with ease.
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