Refining Broad Markets

How might you refine broad market segments into focused target markets? Discuss at least three ways that you might segment markets when developing your target markets

By refining broad market segments we would break them down into different categories. Which is refined into a more focused market that would possibly look like a family tree. I have done this with my family tree. By breaking it down in sections allows us to see the broader part of the market that we are trying to sell our product too. Which will allow the owner to see what type of customer you are. Who made the product like the manufacturer which if they were interested in your product for promotional purposes. If car owner was interested in your product for recreational use of the product. The retailer would like to use your product to make a profit within their establishment. By dividing the product even further in the broader markets we are able to see the difference in monetary departments. Many business like these want to know how big the product is and what type of incentive it has to entice customer’s to purchase the product within these broader markets.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s