Question

2. You have been asked to identify the various segment in the market and then a potential targeting strategy. Describe the segments for a pet supply store and then justify the best targeting strategy to use.

Answer 1

Answer:

The various segments in the market include:

1. Demographic segmentation.
2. Psychographic segmentation.
3. Behavioral segmentation.
4. Geographic segmentation.  

Explanation:

Market segmentation is designed to identify the most profitable segments in order to better understand their needs and purchase motivations.  

Targeting strategy is a strategy for selection of potential customers a company can sell its products to. Targeting is done to a specific target group with respect to the various segments in any market.

A pet supply store can use differentiated marketing or multi-segment targeting since its market segmentation reveals several potential target segments that the company can serve profitably. A differentiated marketing strategy exploits the differences between marketing segments by designing a specific marketing mix for each segment.

In this case, specific marketing mixes can be developed to appeal to all or some of the segments.