Marketing Strategy: 7 Steps To Market Segmentation - Estimate the size...
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STEP 7: Estimate the size of each market segment
Each segment identified, named and studied during the previous stages should finally be given an estimate size, even if, for lack of data, it is only a rough estimate.
Estimates of market segments will come in handy later, by offering a support for sales forecasts and help plan the Marketing mix: the more data we can gather at this moment, the easier further planning and strategy will be.
These were the steps to segment a market, briefly presented. If performed correctly and thoroughly, you should now be able to have a glimpse of how to build Marketing mixes for each market segment.
This 7 steps approach to market segmentation is very simple and practical and works for most marketers. However, if you are curious about other methods and want to experiment, you should take a look at computer-aided techniques, such as clustering and positioning.
About The Author:
Otilia is a certified professional with expertise in e-Marketing, currently working as independent consultant and e-publisher. She developed and teaches Principles of e-Marketing at http://class.universalclass.com/emarketing
and is also a volunteer Economics teacher. Contact Otilia through her Marketing portal, at http://www.TeaWithEdge.com
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