Home Business Using Research: Target Market Selection
Using Research: Target Market Selection

Using Research: Target Market Selection

GWC Valves International companys like any retailer especially those ofwhom sells and manufactures valves, thinking about market segmentation is crucial for their success. In order to be able to choose the right market segment, there is a lot of market research that needs to be collected. When it comes to the main bases of segmentation, this involves firs looking at the geographical aspect of segmentation which involves the customer, their location along with their region, whether they live in an urban or rural area, ACORN and their classification. When it comes to demographical aspect of segmentation, this ties in with the consumers age and gender, their occupation, and their socio economic group that they are part of.  For the behavioral aspect of segmentation, this includes the consumers’ rate of usage, benefits, their loyalty status to the brand, and their readiness to purchase. Finally there is the psychographic part of segmentation which involves the consumers’ personality, their lifestyles, their class and their attitudes.security camera

Most retailers use a specific tool for assessing market segments and this is with the use of the segment rating chart. The retailer’s first need to analyze the market attractiveness factors of their products by using the customer needs and behavior, segment size and growth rate and the macro trends. They then need to use the competitive position factors of their products, whichinclude the opportunity for competitive advantage, capabilities and resources and the industry attractiveness.

There are different steps you need to take when it comes to target marketing including first the segmentation which means identifying meaningful groups of customers, followed by the targeting which is to select which segment(s) to serve, then the positioning of your product or service which means to make a brand occupy a distinct and valued position for customers and this ties is with the product, price, place and promotion aspects.

admin

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *