2nd Bac - Design and Field Research (Market Segmentation)

 https://www.youtube.com/watch?v=qgH18l0-X_Y

 Selection of the Product for the Entrepreneurship

The selection of the product is generally determined by personal interest, the intention to help solves a problem, and the positive impact it can have on society and the environment. To select a product, it is necessary for the entrepreneur to have data and information from magazines, government statistics, and university libraries; the entrepreneur can also interview people that have knowledge of the products that are thinking to choose.


Market Segmentation

Companies or businesses seek to satisfy the needs and desires of a group of consumers, which is called the target market. Selecting the target market is a delicate task since its location is within a large, indeterminate group of consumers

Market segmentation allows a company to increase its overall efficiency by focusing limited resources on efforts that produce the best return on investment (ROI).

Types of Market Segmentation

  • Demographic Segmentation
  • Firmographic Segmentation
  • Geographic Segmentation
  • Behavioral Segmentation
  • Psychographic Segmentation

Benefits of Market Segmentation
  • Increased resource efficiency. 
  • Stronger brand image
  • Greater potential for brand loyalty.
  • Stronger market differentiation
  • Better targeted digital advertising


The Market is the biggest group of people with varied tastes and preferences. For example, everyone who consumes drinks. 

The Segment is a smaller part of the market. For example, everyone who consumes dark drinks. 

The Target Market is the group of people who the entrepreneur wants to reach. For example, people in downtown Ambato, who consume dark drinks in a can. 



The process to determine the real consumers of a product is called market segmentation. Selecting the target market requires a deep study, this is the most important task of a business. The success of the sales depends, to a large degree, understand what each possible buyer wants to integrate into the market and convert him into a regular customer. 


https://www.youtube.com/watch?v=-z-RWTvckkI&ab_channel=DavidPreece

https://www.bbc.co.uk/bitesize/guides/z7scbdm/test


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