To select a successful market segment for the product from the organization we need to follow certain criteria and there should be clear idea on the types of segmentation that needed to classify the market.
Measurability
The size, buying power and profiles of the segments need measuring. Certain segmentation variables are difficult to measure. For example, there arc 30 million left-handed people in Europe – almost equaling the entire population of Canada – yet few firms target them.
Accessibility
Can market segments be effectively reached and served? There are many heavy drinkers, but their imbibing is all they have in common. Except for a few Islamic states, heavy drinkers come from all countries, covering all ages, income groups and psychologies, and both genders. Unless this group lives or shops at certain places or sees certain media, its members will be difficult to target.
Substantiality
The market segments are large or profitable enough to serve. A segment should be the largest possible homogeneous group worth pursuing with a tailored marketing program. It would not pay, for example, for a car manufacturer to develop cars for persons whose height is less than four feet.
Actionability
Effective program need to attract and serve the segments. For example, although the Midland Bank identified seven market segments and developed Vector and Orchard accounts for them, its resources were too small to develop special marketing program for each segment. It had a limited advertising budget and had to serve all the segments using the same people in the branches.