Approaches to Segmenting Markets

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A marketer will need to decide which strategy is best for a given product or service. Sometimes the best option arises from using different strategies in conjunction. Approaches to segmentation result from answers to the following questions: where, who, why and how? Jon Weaver, Marketing Manager at Bournemouth Borough Council applies a multi-strategy approach to identify segments.

Approaches

Because it is the only business function that deals directly with customers, marketing and sales has become an area of increasing focus for companies of all sizes. How should companies approach the process of marketing products and services? The process of marketing occurs in five steps:

• Step 1: Understanding the market climate and marketing strengths and weaknesses
• Step 2: Developing a marketing strategy
• Step 3: Building a marketing plan
• Step 4: Implementing the plan
• Step 5: Monitoring the success of the plan

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Levels of Market Segmentation

Market Targeting