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1. Facts On Market Segmentation Strategy

2. Market segmentation strategy is a way of dividing a
large market into smaller units. The units share among
them some common characteristics. The use of this
strategy is a growing trend that has been continually
adopted by many business entities. By creating these
segments, it is easier to address the specific needs of
each consumer or group of consumers. In the end the
consumer is happy and the returns are higher for the
business.

3. The process of creating subunits is preceded by research.
This is done in a bid to identify the specific needs of
consumers and how these needs can be solved.
Depending on the size of the market, the research may
take days, weeks or months. The research also helps in
determining the criteria that will be used in creating the
required segments.

4. Research can be conducted in various ways so as to
create the segments. This may be done through
telephone interviews, face-to-face interviews, email
surveys and questionnaires. The research tools are
created in a way that will help collect information such
as personal information including, geographical location,
tastes and preferences and bio data. Customers that give
similar responses are placed into the same groups.

5. There are a number of criteria that are used in creation
of segments. Most commonly used criteria include the
age, the gender and the preferences of various groups of
customers. All these factors are important determinants
of demand and supply of goods. Older customers are
more conservative compared to the younger generation
and the business needs to be aware of this as it provides
goods and services.

6. Gender also has a significant influence on the patterns
of demand and supply. Men and women have varied
tastes and preferences for different types of goods and
services. Women are more likely to conform to changes
in fashion while men are not. Also, women have been
found to be more regular shoppers compared to their
male counterparts. Producers of goods and services
need to be aware of these differences.

7. Seasonality in demand is a form of behaviour
segmentation that is fairly common and affects a variety
of goods and services. The demand for certain goods
increases during certain seasons and decreases
thereafter. If the producer has this information, then
they will make sure that the goods in question are
produced at the required time and adjust downwards
later to avoid unnecessary losses.

8. Behavioural segmenting is also done based on product
loyalty. The customers are classified into different
groups depending on the degree of loyalty. Those that
are most loyal should ideally be rewarded so as to
encourage them. Factors that are contributing to lack of
loyalty should be identified and dealt with.

9. Market segmentation strategy is a method that has
greatly helped improve sales. By identifying specific
consumer needs and addressing them, the consumers
are happy and are more willing to spend. This is
different from the traditional approach where all
consumers were regarded as one large group in spite of
the differences that exist among them.

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