Market Segmentation
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Institution
Market Segmentation
Market segmentation is vital in business as it helps in identifying and serving specific customers and end-users. Primarily, the market can be classified as physical, non-physical, financial, virtual, or unauthorized. In broad segmentation, a market can either be wholesale or retail. The retail market consists of specialty stores, supermarkets, department stores, discount stores, service retailers, convenience stores, food service, and non-store retailers.
In addressing specificity, a market can be segmented in demographic, geographic, psychographic and behavioral concepts to give the following specific segments; age, gender, level of income, occupation, education, values, beliefs, spending habits, ethnicity, philosophy, attitude, priorities, climatic considerations, development status, purchasing attributes, brand interactions, and location, among others.
Specifically, the discussion focuses on an online retail outlet that brings producers and suppliers together. Notably, the platform intends to offer a wide range of products ranging from office, home, and personal items. The sellers will provide specific products and their descriptions. The platform will then provide the information to potential customers scattered all over the market. Considerably, the customers will view, verify, and make online orders through the platform. Mainly, the online retail platform falls under the convenience store in the retail market operating in a virtual market.
The platform targets prospects consuming a wide variety of home, and office products, including groceries, electronics, furniture, and other daily usage equipment. Also, it targets consumers of personal products such as beauty products, footwear, and clothes. Virtually, the platform will organize and categorize the items in terms of age, gender, and usage. Through usage, products will be grouped as home, office, and personal. In terms of age, the platform will have children products, teen products, and adult items. In terms of gender, the products will be separated into two groups to include feminine products and male products.
The end-users are vital as they form the actual market for goods and services. As they use the commodities offered, it reflects the sales returns and the profits of the organization. Also, they help in providing essential information regarding their specific needs through feedbacks and hence, aid in focusing the organization’s production priorities and streamlining them to produce what the end-user needs. Also, end-users help create referrals who may later become loyal customers and users as well. In so doing, they help in promoting and marketing the brands and specific products of the organization. Fundamentally, the users can reach potential customers whom the organization cannot contact even with intensive marketing strategies.
However, the end-users face a problem of finding distinct products to meet their specific needs fully. Also, they face the trouble of having to locate producers, offering what they want to satisfy their needs. Moreover, they face a growing problem in getting real value and quality of products owing to the increasing demand for many sellers to make extraordinary profits at the expense of the satisfaction and disposable income of users. Users need products that fully satisfy them at affordable prices without compromising on quality.
Through the online retail platform, end-users will have an extensive and precise categorization of a range of products they can assess at their convenience. Moreover, users will benefit from the ability to make instant and online orders without having to visit the supplier physically. Also, they will benefit from the home delivery service. Therefore, they will not incur extra costs in transporting the products they order, especially given how delicate and bulky some electronic and furniture items are.
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