Description And How Segmented Market Segmentation

3538 WordsApr 8, 201515 Pages
Description/How Segmented Market Segmentation Market segmentation is a strategy that involves breaking down a business’s current target market into smaller subsets in order to establish a more defined set of market categories. It is important to first look at the tools available to assist with segmenting the market prior to beginning your segmentation. These tools include the following: Characteristics of Buyers The typical consumer of precision machined parts includes distributors, original equipment manufacturers, wholesalers, and retailers. Product Use For Falmer, their consumers typically purchase items in one of four categories including heavy truck and truck related parts, high performance automobile parts, hydraulic hose assemblies and railcar hardware. There are some customers that supply detailed drawings that fall outside of these main categories that Falmer will produce the parts for as long as their equipment has the capabilities to do so. Buyers Needs/Preferences The consumers in the precision machined parts industry typically look for a supplier that can provide a high quality item to the required specification at a low cost and short lead time. They also prefer to have a supplier that keeps them up to date on if any issues arise, provide good customer service, and are willing to replace defective items if they are found. Purchase Behavior Customers will look for precision machined part suppliers in various ways including internet

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