Marketing segmentation essays
The world is made up from billions of buyers with their own sets of needs and behavior. Market Segmentation : Marketing And Strategic Planning Essay - An Overview of Market Segmentation: basis, evaluations and issues It was pointed out by researchers that business from all industry sectors uses market segmentation in their marketing and strategic planning nowadays.
Size of metropolitan area segmented according to population size. Concentration: This method involves targeting a specific segment or niche which the main competitors of the organization are not able to reach.
Such firms operating across the boundaries alter their marketing mix based on the different requirements of consumers with in each geographic segment they operate in.
Concept of market segmentation
It will enhance the market structure of a firm in helping it locate new market and new profitable product for its firm. It is important to first look at the tools available to assist with segmenting the market prior to beginning your segmentation. It has almost become difficult for every competitor to survive in market for a prolonged period because competition is cut to throat. In order to do market segmentation, data such as age, income, gender, town of residence, and marital status may be required Businesses may grow product differentiation strategies, or an indistinguishable approach, concerning specific products or product lines subjectable to the specific. Skip to content Reflection Essay 3: Market Segmentation and Targeting Market segmentation is a marketing strategy which involves dividing an extensive target market into subsets of consumers who have the same common needs and priorities, and then applying strategies to target the consumers. Best, By categorizing markets into sub sectors, targeting marketing effort in such a way as to meet the technical and other requirements of each of these, organisations maybe able to secure greater competitive position than if they attempted to satisfy the general requirements of the market as a whole It will be able to help a firm to be knowledgeable on the type of product and market needed to produce for its customers. Growingly, with the increase in competition target marketing is a more method as opposed to the mass marketing as it helps the organisations to reach greater customer needs. Right marketing strategy is something that helps companies to achieve marketing objectives.
As no two individuals are same, they have different requirements and should be treated differently. Psychographic segmentation This is derived from two principal types of customers: personality profiles and lifestyle profiles.
It is often used for reason that the variables are easy to identify and measure. The strategy of dividing the market in homogenous group is known as segmentation. Good segmentations identify the groups most worth pursuing — The Underserved, the dissatisfied and those likely to make first time purchase. Businesses can gain a competitive advantage when they pay attention to specific segments of their market rather than everyone in the market. Principles of marketing: Student value edition. Market segmentation is the practice of dividing a market into identifiable groups of customers with common characteristics and motivations. How to cite this page Choose cite format:. Because of that, the company takes into consideration the all process of the market segmentation such as target marketing, segmenting consumer markets, segmenting business markets, segmenting international markets, brand value relations with customer value , benefits and disadvantages of segmentation Psychographic segmentation sections consumers into different segments based on social class, lifestyle, or personality characteristics.
Since segmentation segregates the market into a number of heterogeneous groups, it helps the organisations to target specific groups by developing advertising programs for each segment or develop new products to attract one or more segments.
Businesses can gain a competitive advantage when they pay attention to specific segments of their market rather than everyone in the market.
Related Pages:. Kotler, P. Behavioral segmentation is based on actual customer behavior and it includes Benefits sought, Usage rate, Brand loyalty, User status, Readiness to buy and Occasions.
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