An Overview of Market Segmentation Process
The classic market research design for the market segmentation process is robust, intense, and often a significant investment of capital.
The process typically consists of the following steps:
1) a market segmentation process framework
2) the market segmentation process team
3) a thorough customer or market assessmeont
of existing research and internal data on categories of consumers based on their preferencesand habits, including trends in the business or industry category, a review of innovation, an assessment of the future landscape (secondary research)
4) decision time!
5) brainstorming or ideation
6) qualitative market research
7) quantitative market research
8) robust analytics,
based on the statistical techniques of cluster and factor analyses
9) introduction and diffusion within the organization
The links above walk through this process in some detail. We're working on applied examples of each to illustrate more precisely how each step is typically used. So visit us again as we add content on the specifics of the process.
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