Market Segmentation In Landa

Primary group of consumers basically will focus on individual monthly incomes above US$ 2,500 which lead to high disposable income and concurrently concerns of their health lifestyle. The power of purchasing is high when the products are their desirable commodities and within their enjoyable prices environment.

Today, people consume for necessity and pleasure. The act of consuming goods may allow one to fit in, feel confident, or participate socially in shopping culture. Consumerism has become a universal behavior amongst most people and

According to Horner and Swarbrooke (2005: 39), Segmentation may be defined as the process of dividing a whole market into subgroups or segments for marketing management purposes. Market segmentation is the division of the overall market for a service into various categories with common characteristics. In response to different segments, organisations facilitate the available resources to achieve greater efficiency, in order to satisfy specific needs of customers.

Organizations usually employ market segmentation in competitive markets for appropriate targeting of customers. This paper provides an analysis of how market segmentation can be utilized for competitive advantage as well as the need for ensuring diversification for sustainable growth.

Market segmentation allows marketers to understand customers’ needs and identify target markets (Peter & Donnelly, 2011). Bright Light Innovations will be able to evaluate different segments to determine differential advantages in each of those segments. Furthermore, management will be able to determine any of the particular marketing mix for a more successful strategic plan. Market segmentation can be obtained by researching geographic data (zip code, region, etc), demographic data (age, occupation, nationality, etc), psychographic data (social status, personal type, etc), behavioral data (customer behavior), or any other data that can be beneficial to the research (Kawasaki, 2004).

In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).

Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications

As every customer has unique needs and expectations towards certain products, the ultimate goal of market segmentation is to organize customers into groups which allows targeting of customers with similar needs of and response to the products. The key is to minimize differentiation within each segment

Once there is the decision to consume or purchase good s or services the common factor then becomes the need for that product which is at times evaluated based on attainability and price. In many situations if consumers are not motivated by the need to purchase then the possibility lies that they will not purchase. There may be different justifications that consumers internalize when making the decision to purchase a particular product at its given price. Different decisions supports the need to purchase a product such as

A consumer’s lifestyle refers to how his or her tastes and values are reflected by consumption choices and how he or she chooses to spend money and time.

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.

Market segmentation was to dividing a market into distinct groups of buyers with different needs, charactistics or behaviour who might require separate products or marketing mixes, the company will first

‘Market segmentation represents an effort to identify and catergorise groups of customers and countries according to common characteristics’ (Keegan and Green 2016, p.228). For any business, it is crucial that they segment their market accordingly or they will risk forgoing sales opportunities. Fahy and Jobber (2015) identify the objective of market segmentation as distinguishing groups of customers with similar requirements so

Such a construct is not only personalized, but would also extract relevant, individual-specific requisites from the changing environment to achieve coherence between an individual’s personal values and his/her personality. A review of the previous literature found that most previous studies focused on investigating the respective influence of lifestyle and money attitudes on purchase decision making independently, and few explored the influence of the interaction between these two factors with regard to purchase decision making. Studies examining the interference effect of marketing stimulation on the influence of the interaction between lifestyle and money attitude with regard to purchase decision making are even rarer, and this has been the motivation for investigating this particular topic in the present study. The primary purposes of this study are as follows: (1) investigate the influence of lifestyle on purchase decisions; (2) study the influence of money attitude on purchase decisions; (3) investigate the influence of marketing stimulation on purchase decisions; (4) study the moderating effects of marketing stimulation and the influence of lifestyle on purchase decisions; (5) investigate the moderating effects of marketing stimulation and the influence of money attitude on purchase decisions. (6) investigate the influence of personal value on purchase decisions; (7) study the moderating effects of personal value and the influence of lifestyle on

Customers are always changing and organizations need to reevaluate their long-term consumer strategies in order to keep up with changing lifestyles. A person’s lifestyle is essentially who he is. A person’s habits, beliefs, morals, and financial status combine to manifest how he chooses to live his life. It determines the choice he makes, the things he wants and the things he purchases. Understanding the general lifestyle trends of a population can allow a business to better market itself. If those trends change, the organization needs to in order to achieve its objectives or stay in business.