With over 6.7 billion people in the world, it’s nearly impossible to satisfy everyone with a single marketing mix strategy. With the exception of unbranded, plain labeled package goods that are aimed at the mass market, a marketing strategy that attempts to satisfy everyone is destined to fail.
Many years ago soap manufactures determined the need for special marketing strategies to target individual markets. For example, Dove targets soft skin and Irish Spring promotes extra sex appeal. Therefore, capturing large portions of the market often require that firms use market segmentation strategies and develop custom marketing mix strategies to target market each segment.
What is Market Segmentation?
Market segmentation is the process of dividing the total market into several homogeneous groups. By adjusting a marketing mix strategy for a specific market segment, companies can focus on satisfying the needs of specific portions of the target market.
THE MARKETING ANALYSTS use advanced multivariate statistical analysis to segment markets. Often, our segmentation techniques will combine demographic, psychographic, geographic and perceived product benefit data to identify homogeneous customer groups. By doing so, we provide marketers with better information to target, attract and capitalize on similarities within a segment.