Chapter 5
Segmentation – establishing a niche in the global market
Successful marketers break down markets into sub-groupings by reference to the different needs and characteristics of customers. This process is essential to producing targeted effective promotion rather than a machine-gun approach which is not only costly but ineffective.
In the previous chapters we have shown how you investigate the environment and your marketplace. You now need to use this information to define customer groupings. These are collections of people who are your target markets. If you are at the conception stage, where you have no previous sales history information to analyse, you may need to conduct further research to identify your target audiences. In this ...
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