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Target Market Vs Market Segmentation
9/15/2007 at 9:27 PM ET
Is there a difference between a target market and a market segment? I didn't think so but my testbook says that the Target Market Process starts with Identifying markets with unfulfilled needs and the next step is Determining market segmentation. These two steps seem to basically be the same thing. Am I wrong?
9/17/2007 at 5:51 AM
Hi- You have actually answered your own question:
Target Market Process starts with Identifying markets with unfulfilled needs and the next step is Determining market segmentation among THAT Target market- so Target Mkt is a part of the universal set & Market Segment will be a smaller part of that target market.
9/17/2007 at 3:01 PM
You are not wrong. Your interpretation is common and makes sense.
9/18/2007 at 3:17 AM
I think shghosh pretty much hit the nail :)
Just being cheeky, this is the analogy I used to explain to my peers on segmenting and targeting:
Assuming the market as a whole is all the chicks in you University.
Segmenting will be trying to group them together. In my silly case: Asian chicks, European chicks, or go even further chicks with blonde hair, nice body etc..
Targeting: Choose a specific group that you want after segmenting. Say I'm asian, I'll have a competitive advantage with asian chicks - so I will try to use my 7 Ps to impress them :D
Market = Many market segments (Mkt seg A + Mkt seg B +Mkt seg C)
(Note: segmentation process can result in different market segments depending on what variables you use to segmentate them.)
Target Market = market segment you choose
(e.g I choose Mkt Seg A and and I will call it my target market)
Market= (MY target market) + Mkt seg B + Mkt seg C
Hope that helps.
9/18/2007 at 6:06 PM
Thank you to the profs who responded to my question. You helped clarify things in my mind. This is the first time I have used this service and I am impressed with it.
4/17/2011 at 1:10 AM
why and how is market segmentation used in target marketing?
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