Market segmentation is choosing a group within the population and aligning a product or a brand with an identifiable customer group.
Identification of individuals or organizations with similar characteristics and needs that have significant implications for the determination of marketing strategy.
Pharmaceutical Marketing segments
- Demographic factors( age, life cycle, income, gender, etc.)
- Socioeconomic factors (social class)
- Geographic factors (North Vs South, Urban Vs Rural, Country)
- Psychological factors (lifestyle, personality traits)
- Consumption patterns (Heavy, Moderate, Light users)
- Perceptual factors (perceptions, benefit, beliefs)
- Brand loyalty patterns
- Medical condition
Example: Physicians in the market can be segmented according to medical specialty.
- Ophthalmologists
- Cardiologists
- Gynecologists
- Dermatologists
Targeting
- Picking which segment from the population to market the company’s product or service (choosing the target customers). For example, target the Cardiologists.
Cardiologists segmentation
- Now you can prioritize the cardioligists based on area: North area, south area, middle ara, east area, west area.
Example:
An X pharmaceutical company wants to introduce a new birth control pill to the market.
- Who is the customer for the company?
- What segment the company should target?
- Who is the target customer?
- What segmentation criteria the company use for the customers?
Read also: Pharmaceutical Marketing Tools
