This course explains the concept of market segmentation and its benefits. Then it analyses the different types of market segmentation in business-to-consumer (B2C) markets and in business-to-business (B2B) markets. Finally, it analyses strategies for implementing segmentation and explains the required criteria for successful market segmentation.
Why should you segment your market? Market segmentation is all about dividing your general group of potential customers into sub-groups that share common attributes. Segmenting your market helps you gain a better understanding of your potential customer’s needs and wants. This understanding will enable you to tailor your marketing strategy to customer segments, most likely to buy your product or service.
Segmenting your market enables you to efficiently use your resources to develop a product and marketing strategy that accurately meets your customers’ needs. It also helps you identify your competitors’ actual strengths and weaknesses and spot new opportunities in the market.
The course examines all the different types of segmentation, like macro, micro, geographic, demographic, geodemographic, psychographic, behaviour and multivariable. It also examines the different types of strategies for targeting market segments, such as concentrated, differentiated and undifferentiated.
On completing the course, you will have a big picture understanding of market segmentation and what it involves, regardless of the type of company you own or work for.
Understand market segmentation, the different types of segmentation and targeting strategies.