Evaluation And Selection of Market Segments Based on The TOPSIS Technique Application

Abstract

Researching and choosing market segmentation is one of the most crucial marketing considerations for every company. For many businesses, choosing a target market is one of the most crucial marketing choices. This choice also has an ef-fect on the market mix, purchasing and distribution plans, as well as other business considerations. A strong target mar-ket is selected based on the results of the market segmentation assessment, a variety of parameters, including the size of the segment, the existence of competitors, risk, and profitability are taken into consideration. This article looks at some key segmentation models in respect to the characteristics of industrial markets. Many marketing decisions, including those involving the market mix selection, purchasing, the supply chain, distribution channels, etc., are centered on the target market. Market sector A few steps must be taken to ensure that each market segment's desirability is assessed be-fore one (or more) is selected for entrance. A market is thought to be segmented through this procedure into many sub-groups. The target market that can be reached can be chosen as customers and a subset. a distinctive marketing mixture (Cutler and Keller, 2005). As a multi-objective decision-making process, the TOPSIS approach can be used to address questions with numerous objectives. This study suggests that the TOPSIS approach, which has had positive outcomes, be used to assess foreign players when they are introduced to CBA teams. Because of the increasingly competitive industry, businesses must choose wisely when it comes to marketing issues. One of the most important difficulties is the evaluation and choice of market segmentation. The results show that different sectors may have varying success potential and that choosing the best might help firms fulfill their commitment to expanding their operations. This study can be used as a model for future research and the identification of market categories.