The potential market for a seller
of goods or services can be individuals and also other businesses.
Rather than trying to sell to everyone, it makes sense for
a seller to identify specific parts of the total market
and concentrate on trying to reach those parts. These parts
of the market are called market segments, dividing the market
in this way is called market segmentation.
The
following are examples of market segments, but there are
others:
Geographic
Segmentation - identifying people from a particular
country, region, city, suburb or rural area.
Demographic
Segmentation - targeting people from a population
group such as that for age, gender, income or social class.
Behavioural
Segmentation - people with similar interests, e.g.
those in a particular line of business.
Market
Targeting
Evaluating each segment's attractiveness and selecting the
segments you want to enter. Each segment must be evaluated
on the following criteria in order to select the segment or
segments to target:
Measurability
- able to count the number of customers
Accessibility
- be able to communicate the product offering to the customers
Substantially
- market should be large enough to be profitable
Actionability
- able to make and deliver the product to the market
place
Market
Positioning
The
image of the product (relative to the competitors products)
in the minds of the consumer is achieved through the marketing
strategy (marketing mix).
Activity
Read
the following Article and answer the following questions:
What
is the product(s) discussed in this article ?
What
benefits does it provide its customers ?
Why
do you think this location was selected for the park
?
Who
do you think will visit the park ? Who is the market
for this product ?
What
marketing philosophy is Wonderland operating under ?
Explain.
