Build quality target segments for market research

Market segments are key to implementing a successful marketing strategy. The process of identifying and constructing usable segments and potential target markets is reasonably straightforward. The integrated approach that considers the relationships between segmentation, target market and position is commonly referred to as the STP model.
It is however important to periodically consider the approach, processes and results used to build their target market segments.
Indeed, some market and marketing researchers have established some basic guidelines for segmentation in recent decades. Here are some basic things to consider when evaluating the approach to segmentation.
Market Segment Assessment Guidelines
The effective market segments of target are associated with some particular attributes, each of which is described below. The key attributes to look for when building or evaluating target market segments are:
Homogeneity
Heterogeneity
Measurability
Sostanzionalità
Accessibility
Action and/or practicality
Responsiveness
Homogeneous-the segmentation of the target market is to establish consumer groups that are similar in terms of their individual characteristics or the needs of products and services. For this reason, all consumers assigned to a segment are assigned according to their similarities.
Heterogeneous-Each of the segments in a target market should demonstrate a certain relatively unique attribute compared to other segments built in the target market.
Homogeneity is the sweet spot in the segmentation of the target market, while heterogeneity is the constellation of distinct groups that can be found in the market universe.
Measurable-to have the ability to determine market share and other growth or change measures, it is essential to have certain types of data that can be used to measure the size of different segments in the target market.
One of the most fundamental measures a marketer or researcher will employ is the general attractiveness of consumers in each segment within the target market.
Sostanzionalità-market segments will, of course, be of different sizes, but each segment must be a standalone size sufficient to ensure the allocation of resources needed to measure the effectiveness of marketing and monitor Segment-related changes. Usually, customers ponder how much the return on investment is sufficient for the marketing of a particular segment. It can be expected that the return on investment (ROI) may differ substantially for the various market segments of the target market. Independently, the minimum requirements for ROI are normally established before segmentation begins.
Accessible-Customers will only be interested in knowing the target market segments that are accessible. This means that every market segment has to be efficient and can be achieved in effective ways of communicating. Accessibility also applies to considerations regarding the possible distribution of products and/or services intended to attract segments.
Operable and/or practical-the primary action that is adopted in response to target market segments designed is the implementation of a distinct and particular marketing mix for each segment.
This is what customers look for when engaging market researchers in the process of creating target market segments for their companies. For the marketing of particular segments to be practical, the marketing and advertising activities proposed must be within the scope of the resources available and the basic capabilities of the customer’s company. This means that specialized or niche segments, although intellectually attractive to a customer, may not be practical from the perspective of marketing spending.
Responsive-the creation of a target market segmentation structure may require a considerable and dedicated amount of resources. For this reason, each of the segments should demonstrate a robust response to the distinct marketing mix that was designed for them. This response should be significantly lower than any generic marketing mix offered, for example, by competitors.
The main goal of integrated segmentation, marketing and positioning (STP) processes is to create a unique marketing mix for a particular target market. If a market segment does not show the response to a distinct offer of the marketing mix, it is very likely that the segment can be consolidated into another relatively similar market segment.