The Identification of Market Segments and the Selection of Target Markets in the Marketing of Petroleum Products

Abstract

Currently, the market for the selling of petroleum products has reached a stage of development where it is almost impossible to satisfy all consumers with a single oil product, each category of consumers having their own expectations from the purchased product. Consequently, oil companies must consider the differences between consumer requirements and expectations when developing both their marketing mix and their marketing strategy. To achieve such a goal, they can adopt the strategy of dividing the market for petroleum products into specific groups, each including consumers with common characteristics and similar needs for certain goods and services. The action of finding the above-mentioned groups is called market segmentation. The segmentation of the market for petroleum products is the most important marketing tool, its role being that of helping the company find its place on the market.