How to Select the Right Market Segment for Your Business
Once you have identified different possible market segments for your business, the next step is to select the segment that is the best fit for you.
How to Segment Your Market Using a Statistical Method
Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs and wants. This can be done using a variety of methods, including demographic, psychographic, and behavioral segmentation.
The Power of Market Segmentation: A Strategic Approach for Business Success
This approach involves recognizing the benefits of market segmentation—a practice that targets specific consumer segments rather than a broad, generic audience.
Emotional vs. Logical Buying Decisions
In short, you are likely using your brainpower to justify what your emotional brain has been wanting all along! As psychologist Douglas Van Praet puts it, "We are not rational; we are rationalizers." (Praet 2014)
Types of Buying Behavior
The different consumer buying behavior are complex buying behavior, dissonance-reducing behavior, variety-seeking behavior, and habitual buying behavior.
Understanding the Different Buying Roles
There are five generally identified roles in the buying process. These are initiator, influencer, decider, and buyer. Initiator is the person who first suggests the idea of buying a particular product or service.
Consumer Age vs. Lifecycle
Age is just a number, whereas where consumers currently are in their lifecycles pretty much determine what products and services they will likely spend on.