Internet Marketing and Strategic Planning

Internet Marketing Segments

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Market Segments

consists of a group of people or organizations sharing one or more characteristics that cause them to have similar product and/or service needs. A true market segment meets all of the following criteria:

It is distinct from other segments (different segments have different needs)
It is homogeneous within the segment (exhibits common needs);
It responds similarly to a market stimulus, and it can be reached by a market intervention.

Market segmenting is dividing market into groups of individuals with similar wants or needs that a company will divide the market into distinct groups that have distinct needs, wants and behavior. Markets can be divided according to a number of general criteria.

Consumer-based market segmentation can be performed on a product specific basis, to provide a close match between specific products and individuals. However the system provides a broad segmentation of the population in the United States based on the statistical analysis of household and geo-demographic data.

The process of segmentation is distinct from targeting and positioning. The overall intent is to identify groups of similar customers and potential customers; to prioritize the groups to address; to understand their behavior; and to respond with appropriate marketing strategies that satisfy the different preferences of each chosen segment.

Improved segmentation can lead to significantly improved marketing effectiveness. Distinct segments can have different industry structures with different effects. With the right segmentation a client list can be purchased, advertising results can be improved and an increased customer satisfaction resulting in greater sales.

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