Abstract
Market segment evaluation and selection is one of the critical marketing problems of all companies. This paper presents a novel approach which integrates fuzzy analytic hierarchy process (FAHP) and COPRAS-G method for market segment evaluation and selection. Fuzzy AHP is used to calculate the weight of each criterion, and COPRAS-G method is proposed to prioritize market segments from the best to the worst ones. The application of fuzzy set theory allows incorporating the vague and imprecise linguistic terms into the decision process. This study can be used as a pattern for market segment selection and future researches. A case study on a chair manufacturing company is put forward to illustrate the performance of the proposed methodology.
Highlights
Market segmentation becomes an essential element of marketing in industrialized countries and in living of any business (Wedel, Kamakura 2000)
This paper presents a novel approach which integrates fuzzy analytic hierarchy process (FAHP) and Complex proportional assessment (COPRAS)-G method for market segment evaluation and selection
We proposed a combined fuzzy AHP and COPRAS-G method approach to market segment evaluation and selection
Summary
Market segmentation becomes an essential element of marketing in industrialized countries and in living of any business (Wedel, Kamakura 2000). Market segmentation is defined as the partitioning of a market into distinct subsets of customers and any subset could be possibly selected as a target market to be reached with a distinct marketing mix (Kotler 1999). Market segmentation makes it possible to find homogeneous smaller markets by this means, helping marketers to recognize marketing opportunities and to develop products and services in a more tailor-made manner (Jang et al 2002). Aghdaie et al Market segment evaluation and selection based on application
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