HSC Production Management and Marketing 2nd Paper 4th Chapter Note Market Segmentation & Marketing Mix. What is market segmentation? Segmenting includes a number of focal points: psychographic segment, demographic segment, geographic and price segments, and more. You need to define the target market to build an effective marketing strategy and plan. Segmentation is the act of dividing your marketplace into narrower, targeted buyers or groups of buyers.
HSC Production Management and Marketing 2nd Paper 4th Chapter Note Market Segmentation & Marketing Mix
Understand how to define target markets and to focus your marketing strategies directly on your customers’ needs. Your goal in market segmentation is to target the ‘best’ prospective customers and, therefore, those most likely to buy specific products or services. Target marketing is focusing your marketing plans on specific segmented markets. Pay attention to those markets when you develop your marketing mix program for your products and/or services.
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