Today we will dive deep into one of the target marketing processes, market

segmentation. In marketing, segmentation is the process of dividing a large market

into smaller pieces, known as segments based on one or more meaningful shared
characteristics. Market segmentation seeks to identify a targeted group of people
to tailor products and their brands in a way that is attractive and appealing to
the group. This process is a way of life for almost all marketers in consumer and
business to business markets. The truth is that we cannot always please all the
people, so we need to take our best shot. Patriot, a multinational company that
operates various hotels, for example, segments its market by offering 20 separate
brands ranging from value oriented to exclusive luxurious brands. Another example,
an athletic footwear company, might have market segments for soccer players and
marathon runners as distinct groups. Soccer players and marathon runners interests
are piqued by very different advertisements. Looking at these examples, we can't
help wondering, how do marketers segment a population? How do they thoroughly
divide the whole population into tiny bits they can understand? The marketer must
determine one or more helpful segmentation variables, that is, dimensions that
divide the total market into reasonably homogeneous groups, each with different
needs and preferences. Determining segmentation variables could be done by
targeting a group based on location, demographics, social class, lifestyle or
behavior. Understanding these variables would enable the marketers to market their
product appropriately. Furthermore, marketers need to revisit their market segments
as they could change from time to time. They must take another look at their market
segments during times of rapid change, on a yearly basis and periodically
throughout the year. Doing this would surely help them to categorize their market
segment effectively.

What does the lecturer imply when he says, "the truth is that we cannot always
please all the people, so we need to take our best shot"?

what can we learned from the examples that were given in the lecture?

The lecturer mentioned that market segments could change occasionally, so it is

crucial for marketers to...