The price will be set according to the standard of living and financial strength

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Once the structure of the market is known, it will be much easier to design the marketing plan, based on the 4Ps: The product/service will be designed in such a way that it takes into account and adapts as best as possible to the needs of the target audience. The price will be set according to the standard of living and financial strength of the segment the company is targeting. Promotion is the stage in which the methods by which the products or services will be made known to potential consumers are established. Placement is where the company's product or service can be purchased. Identifying different market segments There are four types of market segments: Homogeneous market: there are no essential discrepancies between consumer preferences.


Heterogeneous market: there are differences in consumer preferences, but they can British Student Phone Number List be divided into specific segments; Completely heterogeneous market: each potential customer has different needs, so his approach must be customized; Clustered market: There are customer segments with different needs. There are three main criteria that help identify market segments: homogeneity – the common needs of consumers who are part of the segment, distinctiveness – uniqueness from other segments, and responsiveness – how the market responds. Types of market segmentation The market can be divided into five main segments: Demographic segmentation : involves grouping the target audience according to age, gender, social status, income, etc.





This is essential, but even more so in the B2C business model, as it clearly defines the ideal customer profile and helps the marketing department adopt the most effective strategy to reach different types of customers. Demographic segmentation is suitable both for companies that have a wide range of products/services and for those that present a limited number of products/services. Geographical segmentation : represents the division of consumers and their grouping according to location or area. It is suitable for B2C companies, which address groups of customers, from a certain area, with the same needs; at the same time, it is also beneficial to B2B businesses, which address other companies, which, in turn, market the products/services to end customers. Behavioral segmentation: it is carried out according to the behavior of consumers in different situations; an effective way to identify an individual's behavior is by analyzing how they go about their business throughout the day - what they do after they wake up, the first place they stop when they leave the house, where they have lunch, how they spend the evening, etc.).