Target Market Segmentation

A company cannot satisfy the needs and wants of all its potential customers. To do so would result in a massive drain in company resources. The broader your target market the more difficult it is to deliver a meaningful and unique benefit.

Market segmentation is simply the process of dividing a particular market into manageable sections, which display similar characteristics or behaviour.

There are a number of different ways to segment a market and these depend on the nature of the industry and the service or products being offered.

Some segmentation variables are:

  • Demographics
  • Psychographics
  • Lifestyle
  • Behavioural
  • Income
  • Lifecycle
  • Geographic
  • Vertical industry
  • Social class

By targeting segments instead of entire markets, a company has a much better chance of delivering value to its customers and of receiving maximum rewards for its close attention to the needs of its target segment.

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