Market Segmentation

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Segmentation, targeting and positioning are interrelated activities, which are important to achieving a successful marketing mix. Discuss these concepts in theory and give practical example of how they can be applied to one industry of your choice.

Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then be designed and implemented to target these specific customer segments, addressing needs or desires that are believed to be common in this segment, using media that is used by the market segment.
Today’s generation there are various products in the market. Today I am going to discuss one of them is RADOX BRAND.

Radox is helping people unwind
…show more content…
This study examines and conceptualizes the recent advancements in market segmentation and development studies and globally explores their managerial implications for marketing practitioners and researchers alike for orderly decision-making purposes.

Segmenting and Targeting the Market
A market can be defined as ‘a group of individuals and organizations that have a need or potential need in common that can be satisfied through a specific service offering and have the ability to pay for it.’
According to Bruce Marcus and August Aquila in their book, Client at the Core, a PSF market consists of:
• A group with a common need for a specific service
• A group that is accessible
• A group that you can serve profitably
The segmentation process is flexible and indeed can be highly creative if a firm puts considerable effort into the process. It is feasible for a firm to focus on quite a broad market or a narrow one offering a few core services or the firm can target a number of segments.

A segment comprises a group of current and potential customers that share common characteristics such as industry or firm size as well as those clients with similar needs or consumption behavior.
The key points are as follows: stages in the segmentation process for the PSF are:
1. Identify key client groupings based on existing clients—existing clients are a good place to start in the segmentation process as you will easily be
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