Marketing Strategy and Market Segmentation

When it comes to marketing strategies, most people spontaneously think about the The four (4) P (Product, Price, Place, Promotion). This 4P may be extended by three more for marketing services (People, Processes, Physical Evidence).

Market segmentation and the identification of target markets, however, are an important element of each marketing strategy. They are the basis for determining any particular marketing mix. Basic steps in marketing strategy are as follows:-

- Market Segmentation:
1. Identification of customers' needs and market segments.
2. Develop profiles of resulting market segments.

- Identification of Target markets:
3. Evaluation of level of attractiveness of each segment.
4. Selection of Target segments

- Positioning:
5. Identification of different advantages in each segment.
6. Development and selection of positioning concepts.

- Marketing Planning:
7. Development of marketing mix for each segment according to the choosing position.