Pacific Business Daily

Could anyone define the differnece between market segmentation and market targeting?

I am a little confused as to the approach to market segmentation and the approach to market targeting. I know that to target a market you must first segment it but am unsure how to go about this. Any help would be most appreciated. Thanks

Public Comments

1. Picture the market as a pie. You can target the whole pie, and sometimes you have to. But if you can isolate a segment (slice) to concentrate your efforts on,your rewards are usually greater.
2. Think your company as a tiger out to hunt. Tiger can hunt any one in the jungle but usually he will find easy target by selecting a herd of animals he wish to attack. Then he will try and kill soft target that needs lttle efforts, thereby saving his energy.
3. The market can be segmented however you or the client wants. eg. females 20 - 30. Or by market eg. Travel or Finance. Once you have segmented the market into your target audience you must have an effective way of targeting that segment of the total population. That is where your targeted marketing or advertising comes in. To get the message across and get them to purchase signup etc. Cheers
4. You segment your market into pieces. You then target the piece of the market that a) is profitable b) matches your offering