Your market research should produce valuable market data. Use the results to develop your business.
Market segmentation is the name used to define more in-depth market analysis. Look at your marketplace:
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Consider the different sections/segments/areas within that market.
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Look at the areas which are the emerging segments.
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Analyze these segments: (a) Are they of sufficient size?, (b) What is the growth potential?, (c) Is your business competent to enter this segment?.
After looking at the segmentation in the marketplace, target which sectors are going to be the ones, where your business will target its marketing strategy.
After deciding upon which sector to concentrate your marketing efforts, your business needs to develop a marketing campaign to position itself within that marketing segment.
How do you make one product appear different from another?:
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IDENTIFIABLE - Is your product different in character from other products?.
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MEASURABLE - Needs research, product trials, etc.
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RELEVANT/ACCESSIBLE - Relevant to several customers with the same requirements, large enough to be commercially viable, can the company deliver the required benefits?.
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APPROPRIATE - Compatible with the company objectives.
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IMPLEMENTABLE - Marketing strategy, can it be applied to the segment?.
MARKETING STRATEGY DEVELOPED ON THE BASIS OF SEGMENTATION
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CONCENTRATED - All marketing effort is on a single well defined market segment, often with a limited product range, linked to high quality, price, selective promotion and distribution.
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DIFFERENTIATED - Selected marketing strategies in two or more segments.
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UN-DIFFERENTIATED - No identifiable or implementable segments, often classed a result of management failure