Leg 2 from Lisbon to Cape Town. Segmentation.
Have a pretty day.
The Lisbon port has said goodbye to the 7 teams. The stop at the Portuguese shore is finished. Done. And all the teams have started to sail again. They are on their way to Cape Town, South Africa. We will have 21 or 22 days to arrive safely there.
I have prepared an outline of themes or topics to cover during this leg 2. I will share it with you tomorrow.
In general, the segmentation analysis can be used on three levels.
- From the point of view of the customer market, the Market Segmentation Analysis is part of what is called Marketing Management: The Marketing management seeks to attract and retain customers by offering them desirable products. The customer-led business must have a marketing division or at least a marketing management responsible. The Marketing management can be defined as the process of identifying target markets, researching the needs of customers in these markets, developing the product/service and determining the marketing mix (product, price, promotion, and distribution) and monitoring, to create exchanges that satisfy the objectives of the organization´s stakeholders. Indeed, marketing people constantly scan the marketplace to see what various consumer groups need and want and how they might be better satisfied.
- From the point of view of the Industry Analysis and it is called Industry Segmentation Analysis: Businesses (or industrial) markets include manufacturers, wholesalers, retailers, banks, government agencies, and institutions dedicated to logistics and distribution of products, services, and data. This industry segmentation analysis is useful in appraising the attractiveness of different industrial segments. According to Professor Robert Grant, this intra-industry segmentation is beneficial not only for the new entrant or startup in determining which part of the industry segment to enter but also for the established firm in deciding in which segments to maintain a presence and how to allocate resources between them. “Differences in structure and competition between segments may also mean differences in key success factors between segments”. It is not the same to compete in the standard packaged sliced bread industry segment than in the segment of specialty pastries industry.
- ♣ NEW ♣: From the point of view of Social Media and it is called Social Media Segmentation: We will also cover this theme on segmenting our audience on social media. “Social media is all about community. Building communities of people who share common interests is an easy way to segment your audience and gain valuable insights is a precious source of information on how to target your potential clients. If we open an account for our business in social media such as Facebook, Linkedin, Instagram or Twitter, we can use it not just to offer our services or products and informing our audiences about our activities, but we can also use it to segment our audience and potential customers. We can find tons of content and data about our audience preferences. For example, using Facebook, we can segment by factors like product interests, activity timing, and hobbies, and it is a mine of gold to know your customer to that level. In summary, in this third section, we will learn a bit about it. When we segment our social media audience, we can learn a lot about what works and what doesn’t in your business.
As of tomorrow, we will start with the first level: Market Segmentation from the point of view of Marketing Management.
Enjoy this epic Leg 2! We will have to cover a lot of material, and we will sail as fast as we can.
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