2 minutes to read. By author Michaela Mora on December 31, 2010 Topics: Business Strategy, Market Research, Market Segmentation
With new competing products coming to the market daily in many product categories, the key to business success often boils down to effective market segmentation.
Since businesses and consumers have multiple choices to meet very specific needs, starting entrepreneurs and established businesses would benefit enormously from investing in this type of research.
Market segmentation research can answer questions such as:
Depending on the objectives of the segmentation and how the results will be used, this research may include different types of variables specific to an industry or consumer market.
Overall, most consumer market segmentation studies have questions aimed at capturing needs, values, attitudes, behaviors, and demographics. For business-to-business markets in addition to needs and behaviors, we often also include firmographics (e.g. company size, revenues, product category, etc.) that are relevant to the industry in question.
Market segmentation studies can be of great value as long as they reveal information about a market segment that is:
Market segmentation allows businesses to be more effective and efficient in their marketing efforts. A company that thinks that its products are for “everybody” is out of touch with the market. Without market segmentation companies are shooting in the dark and wasting valuable bullets. They may hit a customer by accident, but they surely would miss a lot of others.
To learn more about our market segmentation service visit Market Segmentation and Customer Research.
As published on December 31, 2010 by the Dallas Business Journal
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