Once data are gathered and the Marketing Database is populated, the Marketing Manager should review the data for patterns, correlations, groupings, and trends by applying one or more analytical techniques. The Marketing Manager should review the Market Segmentation Worksheet Template to verify/disprove initial segmentations. MP1030-1 MARKET SEGMENTATION WORKSHEET covers segments such as price, product quality, brand name, variety of products, sales personnel, and more.
The Marketing Manager should be familiar with data analysis techniques and the use of statistical software , which will aid the analysis if used appropriately. The Marketing Manager should segment the market, grouping all customers, actual and potential, according to shared, meaningful characteristics. The most common characteristics are geography, demographics, psychographics, and behavior.