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IMDR’s Journal of Management Development & Research 2023-24
categories. Since each person is unique, their habits and desires might vary depending on their surroundings

and mentality. Remember this whenever you are segmenting that individuals choice depends on occasions
and circumstances to make sure people's varied demands are considered.

Deciding which parts to concentrate on

In the process of segmenting your market, the company might miss some potentially profitable groups.

Remember that segmentation has the advantage of allowing you to be quite individualized and accurate in
your approach. This implies that you will still receive substantial profits even if you target market groups that

comprise lesser percentages of the overall market. You run the risk of losing out on some very profitable

growth opportunities if you rush this segmentation process and fail to find the appropriate market categories.

Deciding the right market segment will help the company to satisfy its customers with the product of their

needs and also will help them create a good brand image in the market.

Market Segmentation Strategies.

The identification, organization, research, and targeting procedure for a particular market segment within a

larger target market is known as a market segmentation plan.
It is necessary to comprehend and follow these steps in order to choose the best market segmentation strategy:

Think about the people who require your products.
Determine the main purpose for which your product is intended. Every prospective client in your database is

there because they need or want whatever it is that your business sells. Every one of your clients’ needs your

product to help them with a certain issue. The several market segments that outline the traits and experiences
that your customers share with one another are included in that group. As you consider who could benefit from

your goods or services, begin to consider the categories you could potentially fit for them.
Compile information on your clients.

Do market research for your product to get data about your target audience. Establish a database of consumer

data with the use of surveys, polls, focus groups, and interviews so you can identify patterns. Digital analytics
solutions may provide you with more information about the behaviour of your customers. This will assist you

in learning more about your consumers' spending patterns, the products they purchase, and how well they fit
into your market categories. It will be simpler to determine key segments and test various categories for your

market segments the more consumer data you are able to gather.

Examine the behaviours of the audience.
To decide how to appeal to the buying and lifestyle decisions of your different market groups, you must

comprehend how they make their own judgments before developing your segmentation plan. Getting
information on your clients' behaviour can assist you in determining the kinds of people you can influence to