Retail Market Segmentation

The retail business is by and large an extremely powerful, quick evolving area. It constitutes one of the fundamental segments in the economy, as far as exchanges and turnover; as an outcome, it is an exceptionally focused and sophisticated industry. Companies must be continually observing the business sector, to recognize any new trends on an auspicious style and, most importantly, they need to stay aware of the client 's expanding desires and evolving tastes. These days, it is turning out to be more troublesome and testing to keep the client fulfilled and steadfast clients ' inclinations change rapidly.

For years, Americans have looked towards department retail stores to get all of their needs from clothes, fashion accessories, beauty products,

The motivation behind market segmentation is that it helps retailers identify customers who are most likely to buy their products. Clothing retailers, wholesalers and manufacturers primarily focus on demographics, personalities and needs when segmenting their markets. This allows them to better reach non-buying consumers and customers through advertising and other marketing efforts. These companies can also further differentiate their clothing products from key competitors. There are several types of key market segments used in retail clothing markets. A marketing segmentation that will work for this company is Lifestyle segmentation. Lifestyle represents another market segment in which retailers and manufacturers base their product selections. Customer lifestyle segmentation is a business practice which divides or breaks up information concerning customers into subgroups. These subgroups are categorized by customers and their importance to the organization. They must be identified in order to learn what they need, want or wish to get from a brand or company. Once lifestyle subgroups are identified and labeled according to their choices, more options for products and services can be obtained for them. In turn, the subgroups of customers will become more loyal to the brand as they continue to meet their needs through the brand or company. It is a

Database marketing is the process of identifying, collecting and analyzing relevant information about a company’s customers. The database is compiled using data obtained from a range of internal and external sources such as sales information, email correspondence, warranty cards, promotional efforts and, now more than ever, social media. The primary aim of database marketing is to then use the information within the database to implement marketing strategies that ultimately increases profits. A develop strategy that we will emphasize is the little black book. The little black book is a way that will allow us to maintain sales personnel on our customers, which contains purchase history and contact information. Our associates will be able to pull up our customers profile and inform our customers of any upcoming events, new merchandise arrivals, latest fashion trends, and great sales deals. This strategy is a great way to collect information of our current customers and potential customers. It’s also very helpful tool because it allows the associates to develop their ability to manage the existing relationship with