Market Segment Evaluation and Selection Based on the Application of the DEMATEL Method

Abstract

The analysis and choice of market segmentation is one of the most crucial marketing considerations for all businesses. For many businesses, choosing a target market is one of the most crucial marketing choices. The market mix, purchasing, and distribution strat-egies, as well as other commercial concerns, are also impacted by this decision. Based on the findings of the market segmentation re-view, a solid target market is chosen, taking into account a variety of ele ments such segment size, the presence of competitors, risk, and profitability. This article examines the characteristics of industrial markets in relation to a few important segmentation models. To better understand varied market scenarios, we design a scale with simple market transactions at one end and extensive relationship management at the other. Consumer preferences for product safety and other features are used to create market niches for new prod-ucts. Conjoint analysis and DEMATEL methods were used to establish market categories and ascertain consumer preferences. An an-alytical hierar chical process DEMATEL approach to market segmentation evaluation and selection is presented in this study. The DE MATEL technique is recommended to rank market sectors from best to worst, and it is used to establish the weight of each criteri-on. Five important areas share segmentation change factors: a segmentation factor, competitive, Technologi cal, sociopolitical, and fi-nancial and economic variables are used as evaluation criteria. Graphs are used to display the results. In conclusion, we can infer in-formation about a company's relative capacity for innovation within a certain mar ket sector. In the final ranking, Technological factors is in first place while Competition is in last place. The findings demonstrate that the success potential of segments might vary, and that selecting the best can support businesses' com mitment to growing their operations. Future research and the selection of market seg-ments can both benefit from using this study as a model.