A basis for segmentation is a factor that varies among groups within a market, but that is consistent within groups. One can identify four primary bases on which to segment a consumer market: * Geographic segmentation is based on regional variables such as region, climate, population density, and population growth rate. * Demographic segmentation is based on variables such as age, gender, ethnicity, education, occupation, income, and family status. * Psychographic segmentation is based on variables such as values, attitudes, and lifestyle. * Behavioral segmentation is based on variables such as usage rate and patterns, price sensitivity, brand loyalty, and benefits sought.
While many of the consumer market segmentation bases can be applied to businesses and organizations, the different nature of business markets often leads to segmentation on the following bases: * Geographic segmentation - based on regional variables such as customer concentration, regional industrial growth rate, and international macroeconomic factors. * Customer type - based on factors such as the size of the organization, its industry, position in the value chain, etc. * Buyer behavior - based on factors such as loyalty to suppliers, usage patterns, and order size.Our business caters to the trends and lifestyle of the people of Singapore(psychographic segmentation) and their usage rates and patterns(behavioural segmentation).
The beauty industry in singapore is a major business as the population of Singapore takes great interest in the way they conduct themselves. They spend a significant amount of their income on cosmetics and beauty, both male and females. Beauty treatments are a part and parcel of the lives of the Singaporean people. Seeing the pattern and the behaviour of the consumers, our business tends to give services targeting both the genders, irrespective of the age group, income size,etc.Following are 5 criteria that indicate whether you have selected a viable target market: size, expected growth, competitive position, cost to reach, and compatibility.
1. Size - how large is this target market? Worth pursuing? 2. Expected Growth - even if the market is small, it may be profitable if there are indications that it will grow. 3.
Competitive Position - low competition equals attractive market. 4. Cost to Reach - is this market accessible with our tactics? 5. Compatibility - how aligned is this market to our goals? There are three standard approaches to target marketing.Our business targets the size of the market. Singapore’s beauty and spa industry is one of the major leading industry in Singapore and contributes significantly to the country’s GDP.
The size of the market is keeping in mind both the male as well as the female consumers. Though the competition is significant,the size of the market gives us ample opportunity to sustain and grow.Positioning The final stage in developing a strategic marketing plan is to analyze the target market to identify where competitors are positioned, and which attributes are most important when customers are making a purchase
