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Published Tuesday & Thursday
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Thursday  November 24, 2005

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=> IN THIS ISSUE!
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<> Editors' Remarks
<>Motivational Thought!
<> Win An Ad To Thousands!
<> Spotlight of the Day
<> Spotlighting a product/service/person
<> Business Tip
<> Advertising Links
<> Business Coach of the Day
<> Change Your Life Information

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EDITORS' REMARKS
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Marketing Strategy: 7 Steps To Market Segmentation
By Otilia Otlacan

Market segmentation is widely defined as being a complex process consisting in two main phases:
 
- identification of broad, large markets
 
- segmentation of these markets in order to select the most appropriate target markets and develop Marketing mixes accordingly.
 
Everyone within the Marketing world knows and speaks of segmentation yet not many truly understand its underlying mechanics, thus failure is just around the corner. What causes this? It has been documented that most marketers fail the segmentation exam and start with a narrow mind and a bunch of misconceptions such as "all teenagers are rebels", "all elderly
women buy the same cosmetics brands" and so on. There are many dimensions to be considered, and uncovering them is certainly an exercise of creativity.
 
The most widely employed model of market segmentation comprises 7 steps, each of them designed to encourage the marketer to come with a creative approach.
 
STEP 1: Identify and name the broad market
 
You have to have figured out by this moment what broad market your business aims at. If your company is already on a market, this can be a starting point; more options are available for a new business but resources would normally be a little limited.
 
The biggest challenge is to find the right balance for your business: use your experience, knowledge and common sense to estimate if the market you have just identified earlier is not too narrow or too broad for you.
 
STEP 2: Identify and make an inventory of potential customers' needs
 
This step pushes the creativity challenge even farther, since it can be compared to a brainstorming session.
 
What you have to figure out is what needs the consumers from the broad market identified earlier might have. The more possible needs you can come up with, the better.
 
Got yourself stuck in this stage of segmentation? Try to put yourself into the shoes of your potential customers: why would they buy your product, what could possibly trigger a buying decision? Answering these questions can help you list most needs of potential customers on a given product market.
 
STEP 3: Formulate narrower markets
 
McCarthy and Perreault suggest forming sub-markets around what you would call your "typical customer", then aggregate similar people into this segment, on the condition to be able to satisfy their needs using the same Marketing mix. Start building a column with dimensions of the major need you try to cover: this will make it easier for you to decide if a given person should be included in the first segment or you should form a new segment. Also create a list of people-related features, demographics included, for each narrow market you form ? a further step will ask you to name them.
 
There is no exact formula on how to form narrow markets: use your best judgment and experience. Do not avoid asking opinions even from non-Marketing professionals, as different people can have different opinions and you can usually count on at least those items most people agree on.
 
STEP 4: Identify the determining dimensions 
 
Carefully review the list resulted form the previous step. You should have by now a list of need dimensions for each market segment: try to identify those that carry a determining power.
 
Reviewing the needs and attitudes of those you included within each market segment can help you figure out the determining dimensions.
 
STEP 5: Name possible segment markets 
 
You have identified the determining dimensions of your market segments, now review them one by one and give them an appropriate name.
 
A good way of naming these markets is to rely on the most important determining dimension.
 
STEP 6: Evaluate the behavior of market segments
 
Once you are done naming each market segment, allow time to consider what other aspects you know about them. It is important for a marketer to understand market behavior and what triggers it. You might notice that, while most segments have similar needs, they're still different needs: understanding the difference and acting upon it is the key to achieve success using competitive offerings.
 
STEP 7: Estimate the size of each market segment
 
Each segment identified, named and studied during the previous stages should finally be given an estimate size, even if, for lack of data, it is only a rough estimate.
 
Estimates of market segments will come in handy later, by offering a support for sales forecasts and help plan the Marketing mix: the more data we can gather at this moment, the easier further planning and strategy will be.
 
These were the steps to segment a market, briefly presented. If performed correctly and thoroughly, you should now be able to have a glimpse of how to build Marketing mixes for each market segment.
 
This 7 steps approach to market segmentation is very simple and practical and works for most marketers. However, if you are curious about other methods and want to experiment, you should take a look at computer-aided techniques, such as clustering and positioning.


About The Author: Otilia is a certified professional with expertise in e-Marketing, currently working as independent consultant and e-publisher. She developed and teaches Principles of e-Marketing at http://class.universalclass.com/emarketing  and is also a volunteer Economics teacher. Contact Otilia through her Marketing portal, at http://www.TeaWithEdge.com
 

What Is Marketing?
By Richard D S Hill

To too many people marketing equates to one of two things:
 
- Selling: with all that entails such as the dreaded double-glazing or financial salesman.
- Advertising: with all that entails such as the slick young creative and smarmy account person.
 
Of course marketing also encompasses these functions ? though, hopefully not as in the stereotypes that are in so many minds ? but marketing is about a great deal more than just selling or advertising.
 
Marketing is the wide range of activities involved in making sure that you're continuing to meet the needs of your customers and are getting value in return.
 
It includes:
 
- Finding out what groups of potential customers or markets exist
- What groups of customers you prefer to serve ? your target markets
- What their needs are, what products or services you might develop to meet their needs
- How customers might prefer to use the products and services
- Who competitors are and what they are doing
- What pricing mechanism and approach you should use
- How each of target markets might choose to access the product, etc.
- How much customers / clients might be willing pay and how.
- How to design and describe the product such that customers/clients will buy from the organization, rather than from its competitors ? the unique value proposition
- How the company or products should be identified
- personality -to be most identifiable i.e. naming and branding
- Ongoing campaigns, which can include advertising, public
relations, sales and customer service
 
All of this was characterised many years ago by Dr. Philip Kotler as the 4Ps:
 
- Product - making what customers want
- Place - delivering it via the channels they want to use
- Promotion - making them aware of its existence
- Price - making it available at a price they will pay
 
At the end of the day marketing is really about not losing sight of the basics. You have to be focused on what customers require as the outcome and then find out how to get there by  meeting customers needs over a period of time, in a socially responsible way, whilst making a reasonable profit.
 
Marketing is really a philosophy and attitude about customer focus that has to run through the whole organisation. If you get that you get marketing.
 
Easy, of course to say.
 
Frequently not so easy to achieve!

*** For more free-reprint articles by Richard D S Hill please
visit: http://www.isnare.com/?s=author&a=Richard+D+S+Hill