Can anyone show me how you would do a market segmentation for a multi socket extension lead?
It depends on wether you are segmenting B2B or B2C. For B2C you can segement several ‘bases’ of segmentation. Demographic, Lifestyle, Behavioural, Critical Event, Geo-Demographic. Some you can use secondary data (demographic) others rely more on focus groups. In segementation you are looking for similarities of need and usage i.e. critcial choice factors. So one method could be to do a survey or focus group asking people to explain their chocie factors for the item and then rank them you can then group people together. Similar process can be done for B2B although you can also segement the ‘decision making group’. See Miller Heimann The New Strategic Selling for ideas. Markets can also be segmented by ‘vertical’ i.e.industry sector, or solution provided.
