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market segmentation definition
Let us assume that a company wants to promote its product or service in a well-defined market. Having implemented its preliminary market research, the company has decided for the final image and form of the product or the service and has analysed and defined the special market segment towards which it will direct its selling efforts, aiming to sales maximization. Based on this analysis, we could remark that a target market is one of the parts into which a market segment is divided and that target marketing is the marketing function, which is oriented and addressed to a certain, defined target market.
Target marketing consists of the following stages which, as a whole, make up a guide to target marketing:
After the implementation of market segmentation the precise part of the market, to which the company's
products or services are addressed should be defined by the collection, analysis and categorization of the differentiating characteristics of customers, on individual level. This procedure includes the processing of data such as personal income and preferences, which are based on personal tastes or personal-sentimental relationships developed between customers and the offered products-services, considered as brands, or people in the sales department or the company in general.
We have seen, therefore, in the previous analysis, which comprises a target marketing guide, that target marketing can be considered as a more precise application of the market segmentation.