A market segment is a group of a market made up of people or organizations with similar characteristics that make them have the same desire for some products or services. This could be based on the quality of those products or the price that the products have. The driving force may also be on the function of the said products. A true market segment is distinct from any other and has its own unique needs. During product development and marketing, these distinct needs have to be put in mind so that the target market needs can be satisfied (Pickton& Masterson, 2010).
The dominating events, ideals, social groups, attitude and technology for these cohort groups have to be mapped to ensure that all their needs are satisfied. To achieve maximum satisfaction, there has to be a study to see how they are all connected.
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Multiple cohorts can be affected; this is a situation whereby two or more different groups, maybe the young and the old are affected. Considering an event, if it is to affect multiple cohorts then it has to be very important. This should be one that has the interests of all the groups at heart. Something like an election could be a good example, almost every person in a country is always enthusiastic about new leadership, and an election is something that brings all people together. A war is also an event that can affect multiple cohorts. Wars affect all people and, therefore, the ripple effects of it can be felt across people. The change in the economic ability that comes as a result of war is something that no one group can feel at the expense of the other. Therefore, one has to come up with a general solution when dealing with this problem.
Wars affect the economic ability of the people to purchase things, when traders have to come up with a way to deal with the decrease in purchasing power, they will deal with it in general since it affects everyone. Something like an award ceremony will also be significant. Almost all persons are interested in who wins which award. After that, the fashion trends that were present during the event will be the most requested across all groups of people. All the young people will be noticed to be seeking the outfits worn by the young participants at the event and the old likewise, both male and female (Brannon, 2005).
The product development and marketing will, therefore, have to change as a result of these. There has to an increase in the product production on the clothing that was significant at such an event. This will be done in order to meet the market demand. Marketing of these products may not have to be extensively done since they are being so much sought out. At this time, the producers may have to focus more on the production than on the marketing.
In the case of the post war period, focus may not be more on the product development and marketing. The focus may be put on the prices that may have to be subsidized in order for people to afford and get their basic needs. Otherwise, products that serve the same purpose but are of a lower value may be produced so that it may be affordable. At this time, the producers may have to focus on the basic products that are of everyday use to individuals.
Forecasting puts past trends into the future. It also anticipates for future developments by looking out for signs of change in current situations and coming up with ways of how to deal with any changes if present ( Brannon, 2005). All these are achieved by mapping. Through mapping, forecasters are able to connect all these things. They are able to know the trends that are in the market and how long they may stay. This is important as it will determine the market strategy that they may put in place.
Mapping is a useful tool that should be used to analyze various trends that will help in effective product development and marketing strategies.