Answer to Question #186751 in Management for KAM

Question

Subject : Project planning and Control

write a note on various types of segmentation methods used for segmenting the markets? ( please answer in 200 words)

How is market survey done? ( please answer in 200 words)

Answer 1

Market segmentation is the process of dividing target market into smaller ,more defined categories.

Methods used in market segmentation include:

1.Behevavioral segmentation.

Involves dividing consumers basing on how how they behave regarding your product.For example, online shopping habits, actions taken on a website, benefits sought, usage rate and loyalty of the consumers.

2.Demographic segmentation.This is the splitting up of consumers based on observable, people based differences.These are age,sex,marital status,size of the family, occupation,level of education, income,race , nationality and religion.The information here is easily accessible and low cost to obtain.

3.Geographic segmentation.This is the splitting up your market based on their location.It helps to understand their needs and you to send out location specific ads.These locations can be their country,state or country.They are also based on their areas climate, population density,urban or rural, language and religion.

4.Psycographic segmentation.It is similar to demographic but it deals with characteristics that are more mental and emotional.They give you valuable insight to their motives, preferences and needs.Understanding these aspects help you to create content that appeals to them more effectively.They include ,personality traits ,interests ,beliefs ,values, attitudes and life styles.

b) Market survey is a research done by a company on any given target market to evaluate consumer expectations,gaps,competitors , pricing trends,etc.

The following are steps for conducting market survey:

1.Setting of clear goal- start by staying clear objectives when startung market research. Be precise about outcome being sought in order to get answers needed for marketing plans moving forward.

2.Knowing the target for survey- it begins with knowing the market of interest, identification of parameters for potential customers such as people living or working in a certain region,market size or those that fit a particular demographic.

3. Knowing what to investigate- it is informed by marketing goals,it helps to identify the sought of information needed .

4.Get help from people who are good at surveys - Get access to an established pannel.Experts ensure you get accurate and reliable information.

5.Considering best way of getting answers. It can be carried out by interviewee or online questionnaires .It can be based in individuals or groups .

6.Adminstering of survey effectively- it's important in maximising sample size.Reach people at the right time and identify where to find them.

7.Conducting survey analysis and reporting- Pull out key trends and findings to allow drawing of insights from the data.Those are the necessary steps in doing survey.