Identify and discuss different criteria of segmenting consumer markets. Using valid examples explain how different organizations may implement target market strategies

Understanding consumer behaviour is essential to succeed in business. As Solomon et al. (2013) stresses, businesses exist to satisfy consumer’s needs. By identifying and understanding the factors that influences their customers, firms have the opportunity to develop a more efficient strategy, marketing message and advertising campaigns that is more in line with the needs and ways of thinking of their target consumers (Perreau, 2015).

According to Horner and Swarbrooke (2005: 39), Segmentation may be defined as the process of dividing a whole market into subgroups or segments for marketing management purposes. Market segmentation is the division of the overall market for a service into various categories with common characteristics. In response to different segments, organisations facilitate the available resources to achieve greater efficiency, in order to satisfy specific needs of customers.

Market segmentation is the fundamental component of a market-based strategy. A market segment is a specific group of customers with distinctive customer needs, purchase behaviours and different descriptive characteristics. (Best, 2000) By categorizing markets into sub sectors, targeting marketing effort in such a way as to meet the technical and other requirements of each of these, organisations maybe able to secure greater competitive position than if they attempted to satisfy the general requirements of the market as a whole.

Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications

Market segments are group of persons who share the same set of desires and wants. An institution like Adidas wants to make sure they create the appropriate segments for their new product offering. It is their marketing department's responsibility to identify the proper segments and choose the specific target (UK Essay 2015).

What two basic approaches to studying (i.e., researching) consumer behavior are discussed in this chapter? How do they differ?

Market segmentation is the process of dividing a market up into different groups of customers, in order to create different products to meet their specific needs. The most obvious type of segmentation is between customers who buy distinctly different products.

Consumer behavior is the most important factor which we need to concentrate. The more we understand this factor the more success for our business. In our case, we focus on the following elements:

Understanding consumer buying behavior entails marketing, relationships, and consumer behavior. Consumer behavior comprises all the consumer decisions and activities connected with the choosing, buying, using and disposing of goods and services. Marketers must pay very close attention to consumer behavior that occurs before the purchase and after the particular product has been used. Studying consumer habits is one of the steps in marketing search and analysis. In addition to other basic principles of consumer buying habits, marketers also need to study the decision and actions of real people. Until recent history the study of consumer behavior was focused on generalized consumer decisions. With

To start, marketers have to understand how the market where their consumers buy works and is influenced. The behavioral pattern of consumers is referred to as consumer buyer behavior, and all of these consumers combined forms the consumer marker. When marketers are studying the consumer market, it should be noted that they’re not only looking at what consumers are purchasing, but why they are purchasing, and how (or how much) they are purchasing. To understand why consumers purchase goods, marketers tend to look towards what factors could possibly influence consumers to buy. These factors could be cultural, social, personal, and/or psychological, but they all play into how and why consumers buy products, and through analysis, marketers can understand what kind of person responds to certain kinds of products and marketing strategies.

Consumer characteristics such as age, socio economic background, lifestyle choices and personal values, as well as identification of their key

Market segmentation is the first step marketers take in order to design a customer-driven marketing strategy. This steps consist of dividing the market taking into account different criteria to do it. In other words, marketers have to consider characteristics and the different needs that customer might have. This step helps marketers to determine what products buyers might require. After doing this, once marketers have all the information they need about the different segments of the market, they decide what segment to enter by evaluating all of the segments they identified in the previous step; this is the Market Targeting Step. In conclusion, in market segmentation we just divide the market, while in target marketing we evaluate those segments.

Market segmentation is the division of the total market into relatively homogeneous, but distinct segments. It is used to identify target audiences and strengthen a campaign 's effectiveness in reaching selected segments. Segments usually respond to campaign elements differently and different techniques are required to reach and motivate various segments.

Market Segmentation This document prepared and presented by Business Resource Software, Inc. Market Segmentation The purpose for segmenting a market is to allow your marketing/sales program to focus on the subset of prospects that are "most likely" to purchase your offering. If done properly this will help to insure the highest return for your marketing/sales expenditures.

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.