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In Stage 1, where supply is far less than demand, there really is not
any pressing need to segment the market just yet. New producers can
enter the market and this would not bother existing players so much
because there is more than enough of a market to spare for everyone.
While demand is greater than supply, the tendency would be to offer a
generic product that will appeal as wide market as possible.
Systematic segmentation
This is where a statistically-based method of segmenting the market
can be utilized, something that large organization use.
STEP 1. Conduct a wide survey. Using a survey methodology, have
a larger group of respondents (in thousand) identify the different product
attributes and their importance ratings for a selected industry.
STEP 2. Process the Data. Using the statistical tool of cluster
analysis, where respondents are grouped together based on the similarities
Targeting
Some tips that come into play are: