The market segmentation process helps identify various segments for a company whereas the target market segment strategy is based on the market segmentation to focus on specific segments. The focus on some segments of the market instead of the total market helps the management of the company to effectively implement marketing strategy to these particular segments. The marketing team of the company will focus on three main geographical segments of Europe, Asia and United States of America.
The demand for Light Emitting Diodes is highest in these three geographical areas and it would be advantageous for the company to market Light Emitting Diode products in these areas. The role of experienced and efficient marketing staff in the company is one of the biggest strengths and the marketing team has good exposure in the markets of Europe and Asia. The two important components of the European market are the parent company and the local market of Russia. A great deal of Light Emitting Diodes manufactured by the company would be sold to the parent company which will require no marketing activity. The local market of Russia is another important area of the European segment. There are various automobile, electronic and electrical appliances manufacturing companies in Russia which specialize in areas of aircraft, automobile, advanced electronic components, ships and communications equipment (Central Intelligence Agency, 2009). These companies not only cater to the local demand but have high volumes of export for relevant manufactured products. All these companies have high demand of Light Emitting Diodes as components of their individual products. Electro-Light will have great potential in selling Light Emitting Diodes to an array of these companies.
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