Market Segmentation

One of the first steps in creating an effective strategic marketing plan is to fully understand your company's marketing segments. Ask yourself these questions:

  1. Do I sell to distinctively different age categories?
  2. Are my products or services ethnically oriented?
  3. Is there a geographical preference for my products or services?
  4. Are there different channels through which I sell?
  5. Are there different industries that buy my products or services?

These are examples of the types of questions that will help you create well defined individual market segements for your products or services.  Once you understand these unique markets, then it is much easier to develop marketing strategies and marketing programs for each segment.

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