A market segment profile is a detailed description of the market segment – that you wish to offer your products or services in – across a range of factors and measures. It is designed to provide the organisation with an in-depth understanding of consumers within each segment for the purposes of comparison and strategy.
Specifically, a market segment profile would outline important aspects of, for example, consumer needs, consumer behaviour, brand preferences in addition to product usage levels. A market segment profile would also offer a demographic as well as a psychographic description of the segment, along with fundamental measures of segment size and growth.
How Can You Define A Market Segment Profile?
Definitions of a market segment profile are often quite similar, as shown by the following two definitions:
- A [market segment] profile might may information about lifestyle patterns, attitudes towards product attributes as well as brands, product-use habits, geographic locations, and demographic characteristics.
- A market segment profile explains the similarities among potential customers within a segment and also explains the differences among people as well as organisations in different segments.
When building segment profiles, we are attempting to describe the consumers in each of the segments in order to understand their needs, particularly regarding how they are fairly unique as compared to the other market segments that are identified.
Therefore, a suitable definition of a market segment profile, for our purposes, is:
- A descriptive summary of the size, needs, behaviours as well as preferences of consumers within a particular market segment with the view of evaluating segment attractiveness and developing suitable marketing strategies.