What is a market segmentation strategy?
The market segmentation strategy is an instruction for solving problems of the Market segmentation. In the past, many companies worked the overall market with a single strategy. In the meantime it has been recognized that it is often not expedient to pursue an undifferentiated marketing strategy.
With the help of the market segmentation strategy, the overall market is divided into definable sub-markets that have similarities with regard to certain demand-related characteristics. These characteristics can be:
Geographical features:
They enable the overall market to be segmented nationally, e.g. B. by federal states, administrative districts, major cities, purchasing power districts or internationally, z. B. by continents, states, groups of states.
Demographic characteristics:
On the basis of this, a segmentation of the overall market can e.g. B. be made according to gender, age, income, occupation, household size.
Psychographic characteristics:
With their help, groups of buyers of the same type as possible can be segmented, e.g. B. on the basis of personality traits, attitudes, behavioral traits, lifestyle habits, perceptual behavior, motivation structure.
How the company segments the overall market depends on its economic strength, the economic importance of the definable segments and the behavior of its competitors. The marketing strategy can be:
Differentiated marketing strategy:
With it, the overall market is divided into individual market segments, each of which is processed with different strategies. Large companies in particular are capable of doing this.
Concentrated Marketing Strategy:
Only one strategy is operated here, which is geared towards one or two market segments. This need can arise in small and medium-sized companies.
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