Target Markets and Market Segmentation
Because people are different and seek different ways to satisfy their needs, nearly all organizations, whether for-profits or not-for-profits, industrial or consumer, domestic or international, must use a Market Segmentation approach to target marketing. This approach divides broad markets, consisting of customers possessing different characteristics, into smaller market segments in which customers are grouped by characteristic shared by others in the segment.
To successfully target markets using a segmentation approach, organizations should engage in the following three-step process.
- Identify segments within the overall market
- Choose the segment(s) that fits best with the organization’s objectives and goals
- Develop a marketing strategy that appeals to the selected target market(s)
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