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Research Framework for market segment evaluation and selection based on fuzzy MCDM approach

Research Framework for market segment evaluation and selection based on fuzzy MCDM approach Professor: Ta Chung Chu Student: Nguyen Khoa Tu Uyen – M977Z215

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Research Framework for market segment evaluation and selection based on fuzzy MCDM approach

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  1. Research Framework for market segment evaluation and selection based on fuzzy MCDM approach Professor: Ta Chung Chu Student: Nguyen Khoa Tu Uyen – M977Z215 Nguyen Phan Anh Huy – M987Z264

  2. 1.1 Background and motivation • The business environment is more and more competitive. Therefore, companies need choose to target one or some segments to increase their ability to success. • A company can not satisfy all market because there are many types of customers with different characteristics while resources of their company are limited. They must focus marketing efforts on the chosen segments to understand and satisfy their needs and wants. • If they choose to serve all markets, they will have problems because of many limitations of their business. That is the reason why market segment evaluation and selection are crucial activities.

  3. Ferrell and Hartline, 2008, how many market segments that the company wants to choose depends on that company, based on company resources and marketing program. The chosen markets can be changed if the marketing program is changed. Companies need to choose relevant variables (or criteria) to define their market segments and select their target markets.

  4. In a research of Ou et al., 2009, they define that “market segmentation involves detecting, evaluating and selecting homogeneous groups of individuals regardless of whether consumers or not with the intention of designing and directing appropriate competitive strategies” and “market segments are defined as groups of consumers who are expected to exhibit similar purchasing responses”. Then, they assess market segment evaluation as an essential component international market development because it can help companies target their markets and improve their success.

  5. 1.2 Problem Identification: There are many references about market segmentation but they just focus on the market segmentation approaches. The evaluation and selection of market segments are not clearly and well focused on these journals.

  6. In the research of Ou et al., 2009, they said that the criteria for market segment evaluation and selection used are mostly evaluated by human perception and judgment and the evaluation is subjective. Traditional approaches such as statistics employing only exact crisp values cannot well-support decision-making procedures for such evaluation problems. Therefore, fuzzy multiple criteria decision making (MCDM) is a highly suitable approach for this issue. They used Fuzzy Multiple Attributes Decision Making (called MADM or MCDM) as an approach for market segment evaluation and selection. But there are some limitations in their study. For example, they are lack of literature review for previous market segmentation approaches as well as market segment evaluation and selection approaches. They just focus on the competitive analysis while the other criteria such as potential profit and segment sizes, expected growth are also important. Therefore, their model is not good enough.

  7. 1.3 Research Objective There are three objectives when conducting this research as the following: • First, I can profoundly study market segmentation, market segment evaluation and selection with their approaches to comprehend what we are talking about. • Second, I want to establish an effective fuzzy MCDM model for market segment evaluation and selection. • Third, I will conduct a numerical example to show the feasibility of the proposed model.

  8. 1.3 Research limitation • First, in my thesis I just give the hypothetical numerical example for testing the model. I am lack of time to conduct a case study so that the result and feasibility of this model is not proved more persuasively and clearly. • Second, my model is used for all kind of industries. I don’t focus on any specific industry.

  9. 1.4 Research framework This research consists of six Chapters shown in Fig. 1-1. The topic of this research is chosen based on the analysis of background and motivation, problem identification which expressed in chapter one. Then, chapter two shows the literature review about market segmentation, market segment evaluation and selection is conducted and the identified criteria. Some basics on fuzzy sets theory are proposed in Chapter three. Chapter four is a full presentation about processing of model establishment. The numerical example is conducted to test the model in Chapter five and finally, Chapter six is conclusion and discussion for further research.

  10. Fig 1-1 Framework of the Research Chapter 1 Introduction Chapter 2 LiteratureReview Chapter 3 Fuzzy Set Theory Chapter 4 Model Establishment Chapter 5 Numerical Example Chapter 6 Conclusion and Discussion

  11. Thank you

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