How to Use Market Segmentation: Developing a Target Market
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- เผยแพร่เมื่อ 30 มี.ค. 2013
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Market segmentation is a commonly utilized concept in business where a larger market of consumers is divided into smaller groups of consumers who share certain characteristics. The goal is to generate what is known as a target market, which is an identifiable group of consumers who behave in a similar way, have similar interests, and share similar characteristics. Firms utilize demographic, geographic, psychographic, and behavioral segmentation as a way of generating a target market.
In this updated video on market segmentation we discuss the target market as wel as explain how firms use market segmentation to generate a target market. If you have any questions after viewing the video please post them in the comment box below and I'll do my best to answer them as soon as I can. Thanks for watching!
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I wonder if most of the viewers realize that this information is GOLD!
Lovely info ! Please do a video on how to validate your idea or mvp
These videos have been so helpful for me in really going beyond just basic understanding reading CLEP preparation books and flash cards.
This video was sooooo helpful! Please continue to post business and finance content! This is soooo amazing!
Every unit is unique and has its own charm and market segment . You are the best person in the unit to define it . Heritage Dining , Market segment - Tourists . Kindly present your unit with its strength , where you foresee your property in next one year .
Hello! Do you need help with your assignments? Email me.
Thank you so much for you time and for sharing your knowledge. I`m an International Business`s student and I`m watching videos to remember what I learned in college... Your videos are amazing. I`m learning and remembering so much. Thank you once more. :)
Glad I could help Harrison! Good luck with your consulting interview.
I've received a couple of requests on the value chain so I may have to revisit that concept. Thanks for the suggestion.
Your real-world examples are fantastic. THANK YOU!
makky21 I'm glad that you liked the examples! Thanks for watching and please subscribe if you haven't already.
Until now, these examples are still useful 😆
Thank you.You've got a great teaching style. :)
Best segmentation video on TH-cam. So easy to understand.
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You're very welcome. Good luck Pruthvi!
This is a great explanation of market segmentation. It cleared my mind on how to apply these different segmentation concepts. Thanks!
Glad to hear that, Reggie!
What an EXCELLENT Presentation!!! Helped a lot!!👊🏽👊🏽
this is one of the best explainer videos
Thank you for the vids. What a great vid recaps to watch. I love your voice! Very engaging. Keep up the great work.
Learned more from this video than my textbook! Great video!
Amazing presentation! You helped a lot for my exam preparation. Aiming for an A after this! ;)
+Linda Veinberga Thank you! Good luck on your exam!
@@Alanisbusinessacademy uhas awh Ty’s
I love the way you explain things. So easy to understand! Thanks!
Thanks for the Education, i watch most of your videos for my exam. so simple to understand.
Bro this is awesome! Really! Im gonna go premium. Thank you :)
Great information and explanation! Your video really put things in perspective for me.
Thanks for the video it really helped explain things.
Great wealth of information there, thank you from Nairobi Kenya 🇰🇪 2021
thanx man, very specific and clear, just wat i need.
You're welcome Xuhao. Best of luck to you.
Great work! Well done thanks!! Keep it up bro
Thanks for the clear and concise explanation!
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The best ever presentation on target market. Tks
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Very educative. Thank you!
GREAT LECTURE. THANK YOU SO MUCH. CAN'T GET ENOUGH OF IT
Appreciate it Magomedova Medeya!
Thank you! I found this very helpful and useful!
That's great! Thanks for watching.
This was a perfect explanation thank you
great stuff. Thanks for posting these videos :)
You're welcome!
Simple yet powerful. Thank you
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very nice, subscribed and shared - thank you so much.
***** I really appreciate that!
Doing a case study on market segmentation and this video helped so much, you sir are my hero.
Glad I could help Clembo Peeps.
thank you for this vid. it really helps with my entrepreneurship assignment report
thank you, I am a graduate student in NPO leadership and Management writing a paper and this video helped me understand the information better than the reading materials. Thank you for posting
You're very welcome Vickie Steinhoff. Good luck writing your paper.
You're welcome Ruchi.
PURE GOLD, Really outstanding👌
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Your video help my so much,thank you a lot !!!
Thanks I have learned more today. I do appreciate it it helps me get to know better about target market
Happy to help!
Funny how I've been using TH-cam to look at cat videos for decades, yet ironically we could all be learning entire fields of study down to performing surgeries and could probably replace formal education altogether if used in a proper way.
Cat videos are fun though.
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I couldn't agree more
Thank you! Your video is really useful. I was wondering what is the geodemogrphic segmentation? Could you explain it, thanks!:)
I'll give it a shot. Behavioral variables focus on how customers actually behavior towards products. These includes things such as usage rates, brand loyalty, or even the benefits that are being sought. With psychographic variables your focusing on things like lifestyle and interests, which tend to be good predictors of future purchasing behavior. For example, if I'm married with kids I may receive vacation offers or advertisements for mini-vans due to my lifestyle.
Thnx a ton for the videos....they are a gr8 help fr me as i cannot devote much time to books, just by watching your videos i get a gr8 deal of help in the subject.
thnx a lot.
Amazing video, thank you very much
thank you very much clearly expained
Thank you I enjoyed your presentation.
Garry Bryant I'm glad to hear that! Thanks for watching.
Excellent! Thanks !
Grat video, simple but complete!
Im building my business plan. Your video helped me lot. Thanks.
Good for you! Best of luck Raja!
Can you do another video please to see how market STP (Segmentation, Targeting and Positioning) is all integrated into one. And another are of the 4C's. Thanks in advance. Your videos are excellent. I think you did an excellent job especially when it's coming from someone (me) who knows almost to nothing about marketing. Thanks. Ciao!
These video's were very help for me while I studied for my Marketing CLEP. I was wondering if you could upload a video on elasticity & inelasticity. Great job and please keep up the good work!
thfilmaker Thank you! I do have a video available in price elasticity: th-cam.com/video/2WktyYcdA7o/w-d-xo.html. I hope you find it helpful and please subscribe if you haven't already. Thanks!
thanks alot your video helped me alot
This is really really good content. Love the way it is explained and the presenter's voice is great
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ohhh what a good lecture! Your videos helped me a lot!! Thank you so much!! Hope i can get good score next week! ^^
Glad I could help Renyu Jin! Good luck on your exam next week. Let us know how it goes.
good score for what??
really helped and interesting thanks
thank you this was so helpful!!
Dakotababyxx You're welcome! Glad you enjoyed it.
Great explanation and examples. I really grasped what each segment is used for.
Thanks!
Glad to hear that! Thanks Patrice.
Thank you a lot, now studying International Business Studies my Unit 3 is about segmentation. And I didn't know any thing about that, now I understand.
Marijn de Jong Glad I could help! Good luck studying international business!
Thank you, but how do I use market segmentation to get my main target market for poultry business.
man you're the besttttttt. thanks a lot
You’re too kind. 😊
Great Content!
subscribed!
watched ur 4p's swot, porter 5, and a bunch more to help me prepare for my consulting interview
your videos are the best :)
could i request to do value chain next? on how to create value though its internal operations and processes? thank you again
Thanks. Very informative :)
very helpful, thank you
Great Video! have a 15 min presentation due on market segmentation and this left me so much more to discuss than just basic segmentation on income, ethnicity, and education. It's funny how you do not even have to be face to face to teach better than some of my professors who just ramble on and on.
Thanks William! I'm glad that I could help. Good luck with your presentation.
Awesome video!
Very helpful thanks keep up the good work
great one its simple and easy but if it had more examples it will wonderful
Thanks Mohamed. I agree that more examples are always better.
Thanks for explaining this .. :)
Helped me prepare for an exam. You got one more like added.
Glad I could help! Hope you did well on your exam!
certainly did ... I got this exact question to which I replied exactly the same 😂
very clear explanation, thank you:)
Habibullo Yusupov You're very welcome! Thanks for watching.
Thank you so much
This information is very useful thank you.
Thanks alot. This is very useful
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Hello there, first of all, thanks for the video. Secondly, how do I cross data using a chart with more than 2 variables. Let's say that I have the percentage of the population that I want to target according to their age and also the percentage of the population that I want to target according to their income, how do I do to put that in to a graphic to see what's the behaviour of the population according to those two variables?, can I add as many variables as a I wish?
thanx for d guidance
This helped me a lot, God bless!
You're welcome! God bless.
Best explanation, thanks
Thank you! Glad I could help.
this is wonderful. it helped me to help my students better understand the concept..thanks, I appreciate it! students should watch this.
Glad to hear it was helpful! Thanks for watching, and the kind comment.
Thank You
Do you have any videos or can recommend any for customer segments ?
Is this part of the clep test multiple choice also
I dont normally comment, this was great! Thanks
matthew davies Thank you for taking the time to share that matthew. Good luck in the future.
thanks a lots...examples given by are very practical and understanding...
That was my hope Chirag so thank you for the feedback.
Great voice!
I am a marketing lecturer and I like the way you explain the concepts. May I know what software do you use to make these videos? And do you use Apple Pencil for writing these notes?
Good presentation but I still need some clarification. Regarding the target market, do u select one of the segments (i.e geographic, demographics etc) as your target market or do you select a target market with a combination of characteristic/variables that fall under all the segments if necessary. E.g Target Market being : A male (gender) of 35 yrs and above (age) living in Florida (location) with an annual income of $50,000 (income) who loves going on boat cruises (lifestyle). As you can see, the target market is a combination of gender (demographic) + age (demographic) + location (geographic) + income (demographic) + lifestyle (psychographic). Am I making any sense?
+Ladi Akinbobola I think I understand what you're saying. There's this interesting dynamic with developing a solid target market. On one hand you want to develop a narrow enough market so that you can develop more interested products for those individuals. On the other hand, you can't over-segment the market to where not enough people are included in your market. This will of course affect profitability. To answer your question more specifically, you're welcome to use any combination of characteristics as long as your customer shares those characteristics. Hope this helps!
Thanks alot man
How can we find a number or at least an estimate for the total market and the percentage of each niche segmentation?
Incredible!!!!!
Great presentation! I was wondering how i could use this in for example when my product is frozen pizza. Everybody likes that right....
Awesome...very detail information.
Glad I could help! What brought you here?
nice lecture, i like management and i hope someday study it
I appreciate that. Management is a very interesting topic. Good luck with your studies.
Awesome presentation. I was wondering if you may do, or if its already exist a presentation that is focusing on market segmentation and target marketing business to business as well! :)
You're welcome Shubhrans.
Hey man these tutorials really helped me coming up to exam time , any chance you do do one on consumer behaviour and seo for a company website ,
fiach999 Thank you very much. The closest video to consumer behavior is the consumer buying process, which is episode 102. Good luck!
sir what is the diffrence between psychographic segmentation and behavioural segmentation please elaborate
Great video- quick question what program do you use to make your videos? It was a new and interesting way to learn fro me.How can you write your notes and record your voice and then upload as a video? thanks :)
***** Thank you Merinda! I'm using Screenflow to capture the recording, Sketchbook Express to display the writing, and a Wacom Bamboo Tablet to perform the writing. Altogether probably around $220 worth of equipment/software.
I have an entire course on Udemy that teaches students how to create videos exactly like this one. If you're interested, I've posted a link here: bit.ly/1CQXEJl
Thanks for watching!
Could u help me to explain more how different between behavior and phychographic segmentation?? thank you in advance !!