Entrep (Chapter4) (Lesson 1)

Market segmentation

An entrepreneurial marketing strategy designed primarily to divide the market into small segments with distinct needs, characteristics, or behavior.

Homogeneous

Have similar interests, preferences, needs, wants, and other relevant variables.

Market identification

A strategic marketing approach and process that is intended to define the specific customer of the product.

Niche entrepreneurial marketing

The identified market segment will be the market that can be served better by the entrepreneurial venture based on its competencies.

Behavioral segmentation

The market is divided based on perceptions, knowledge, reactions, benefits, loyalty, and responses.

Demographic segmentation

The market is divided based on the demographic variables of the customers.

Psychological segmentation

The market is divided in the terms of what the customers think and believe.

Accessibility of the market segment

The market segment must be accessible to the business.

Distinction of the market segment

The market segment must be easily differential from the total market.

Size of the market segment

The market segment must be large enough to provide wealth to the entrepreneurial venture.

Geographic segmentation

The total market is divided according to geographical locations in the Philippines like provincial regions, cities, provinces, municipalities, and even barangay units.