Research for the purposes of market segmentation
Research for the purpose of market segmentation seeks to identify existing market segments and, with the help of analytical models, associated with specific geographic and demographic factors, values, attitudes, lifestyles, etc.
Identifying market segments, among other things one can discover that the expectations for a product are not equal with women and men, that this product does not meet the same needs of both older and younger people, senior people and people of lower income families, as well as to all those are not willing to pay the same price for it.
Based on the results of market segmentation company can modify all elements of the marketing mix. For example, it can focus its efforts on a single market segment, may offer slightly different products and unequal prices to different market segments, make several types of promotional campaigns etc. The company can ignore the market segments and offer the same product at the same places and with the same price and promotion, if it considers that differences among species buyers are too small to be interesting marketing.