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Summary: Chapter 9: Identifying Market Segments and Selecting Target Markets

[By Group 8: Adarsh | Rashad | Samir | Sanjay | Tuhin]

Since a company cannot cater the same product to a diverse set of individuals, it is important
to identify the market segments it can serve effectively.
Target Marketing is one such effective way to identify major segments and target each of
these segments effectively, and tailor marketing for these segments accordingly.
Target Marketing follows 3 Steps:
 Identify and profile distinct group of buyers who might require separate products or
marketing mix i.e. Market Segmentation
 Select one or more market segments to enter i.e. – Market Targeting
 Establish and communicate the products to these target markets - Market Positioning