Market Targeting
'Segmenting is the crucial first step in the strategic and marketing process. All customers are not the same.'
Jeff Bullas
Ranked 8th on Forbes “The World’s Top 40 Social Marketing Talent"
There are many statistical techniques for developing market segments.
Once the firm has identified its market-segment opportunities, it must decide how many and which ones to target.
Marketers are increasingly combining several variables in an effort to identify smaller, better-defined target groups. Thus, a bank may not only identify a group of wealthy retired adults but within that group distinguish several segments depending on current income, assets, savings, and risk preferences. This has led some market researchers to advocate a needs-based market segmentation approach.
Roger Best proposed the seven-step approach shown in Table 6.3.
The output of the Segmentation is the input for the Targeting process.
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