Step 4: Analyze the collected information
Posted: Thu Jan 23, 2025 3:55 am
The information obtained at the previous stage is analyzed using various methods. Based on the results obtained, specialists identify the internal homogeneity of sectors and determine their external differences. The goals of market segmentation at this stage are reduced to the formation of consumer categories based on the principle of similar unmet needs. Therefore, the most important criteria for the formation of sectors are, first of all, behavioral factors - benefit or lifestyle.
Step 5: Evaluation of the correctness of the obtained results
The formed sectors must be checked for their real existence. Such a check is carried out using cluster analysis of market segmentation. In this case, significant groups are identified from random ones. If they are reliable, then the result of the entire study is recognized as real. This is a very important stage, serving as a basis for further actions.
Step 6: Develop a target employment database consumer profile for each segment
To create such a profile, it is necessary to define a characteristic set of variables separately for each category. When describing clusters, demographic, geographic and other criteria are used to evaluate their inherent behavior patterns. Usually, each is given its own unique descriptive name.
Developing a portrait of the target consumer for each segment
Step 7: Focusing on Active Segments
After segment profiles have been formed, the next step is to evaluate these profiles in order to identify the most attractive ones. That is, the marketer decides which consumer categories' needs are best met by the company. In addition, segments suitable for inclusion in the priority rank are determined. Various current business indicators are taken into account - the company's financial position, business features, competitiveness, goals and missions, market niche size and possible profitability.
Step 8: Create a Marketing Plan
The approved key segments need to be serviced in the future. Therefore, at this stage, methods for such support are developed. To begin with, segments that competitors have already shown interest in are identified. Then, for these categories, specialists develop a marketing strategy that helps increase customer interest. In order to implement the most attractive model for the consumer, the product itself is sometimes subject to change or division into several versions.
Important! Marketing segmentation of the market is carried out in stages. The order of the stages may be changed depending on the methodology for determining target markets. Each stage should end with results that allow you to proceed to the next step. Due to the constant variability of the market, it must be periodically re-segmented.
Step 5: Evaluation of the correctness of the obtained results
The formed sectors must be checked for their real existence. Such a check is carried out using cluster analysis of market segmentation. In this case, significant groups are identified from random ones. If they are reliable, then the result of the entire study is recognized as real. This is a very important stage, serving as a basis for further actions.
Step 6: Develop a target employment database consumer profile for each segment
To create such a profile, it is necessary to define a characteristic set of variables separately for each category. When describing clusters, demographic, geographic and other criteria are used to evaluate their inherent behavior patterns. Usually, each is given its own unique descriptive name.
Developing a portrait of the target consumer for each segment
Step 7: Focusing on Active Segments
After segment profiles have been formed, the next step is to evaluate these profiles in order to identify the most attractive ones. That is, the marketer decides which consumer categories' needs are best met by the company. In addition, segments suitable for inclusion in the priority rank are determined. Various current business indicators are taken into account - the company's financial position, business features, competitiveness, goals and missions, market niche size and possible profitability.
Step 8: Create a Marketing Plan
The approved key segments need to be serviced in the future. Therefore, at this stage, methods for such support are developed. To begin with, segments that competitors have already shown interest in are identified. Then, for these categories, specialists develop a marketing strategy that helps increase customer interest. In order to implement the most attractive model for the consumer, the product itself is sometimes subject to change or division into several versions.
Important! Marketing segmentation of the market is carried out in stages. The order of the stages may be changed depending on the methodology for determining target markets. Each stage should end with results that allow you to proceed to the next step. Due to the constant variability of the market, it must be periodically re-segmented.