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Dr Brian Monger
If you are basing your marketing on simple demographic titles like „Millenials“ or Generation C or Baby Boomers. You should read this Segmentation Philosophy
Segmentation, or the idea of targeting the homogeneous components of a heterogeneous market rather than the market as a whole, was initially popularised in 1956 by Wendell Smith’s article in the Journal of Marketing. Smith defined it as a marketing strategy designed for „a heterogeneous market by emphasising the precision with which a firm’s products can satisfy the requirements of one or more distinguishable market segments.
Wroe Alderson, writing at the same time as Smith, justified segmentation by saying that an advanced market economy harbours a highly diverse demand.‘ This heterogeneous demand implies a market composed of different groups or segments, each with unique patterns of income, spending, lifestyle, product preference, and many other characteristics. These clusters of buyers, forming cohesive…
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