Essay On Market Segmentation

| According to the text, market segmentation is defined as identifying groups of consumers based on their common needs.Answer

The three major players in the soft drink market are PepsiCo, Inc., the Coca-Cola Company, and the Dr. Pepper Snapple Group (Change Lab Solutions, n.d.). All of them use effective market segmentation to target specific markets. Effective target marketing requires that marketers, segment the market, by identifying and profiling to find a distinct group of buyers who differ in their wants and needs (Kotler & Keller, 2012). They target their specific product to one or more market segments they have identified, and for each target segment establish and communicate the distinctive benefit of the company’s products to position themselves in the market. Coca-Cola and Pepsi-Cola retain the first and second

Market Segmentation – How & Why As well as the physical aspect of our store changing we have to look at the market differently. Where it was once possible to take a pile it high sell it cheap approach, to achieve broad appeal to the population we need to cater to the needs of the population. This is achieved by breaking the population into groups and then releasing products and services that meet the needs of these groups. This is known as target marketing. Although we all appreciate the theoretical economies of scale given by mass marketing a single product, there are few products that appeal to everyone.

Using demographics such as age, gender, ethnicity, cultures and values improves the guidelines that you design to utilize the marketing tools toward the decision. Grouping segments of consumers targets the most profitable opportunities. Attitudes and believes of the individuals impacts the performance of the companies operations.

Positing is the act of designing a company’s offering and image to occupy a distinctive place in the minds of the target market. It helps to differentiate your product in the minds of customer.

Market segmentation is the technique used to enable a business to better target it products at the right customers. It is about identifying the specific needs and wants of customer groups and then using those insights into providing products and services which meet customer needs.

Market segmentation is the process of dividing a market into segments or groups that have identifiable differences between them. For the wine industry, we will be using 4 bases of marketing segments divide the UK population. The 4 classic marketing segments are geography, demography, psychograph and behavioural.

     To reach different markets or to promote your products to different locations or people one has to use a method called market segmentation. “Market segmentation describes the division of a market into homogenous groups which will respond differently to promotions, communications, advertising and other marketing mix variable” (Cumming). Market segmentation is extremely important for companies around the world. If a company doesn’t research the area in which they are going to market or they put a product that is either to expensive or to elaborate in an area that can’t afford that then they will fail as a company. In my paper I will discussion why market segmentation is used in around the world, the types of

The market segmentation process takes into account what consumers are looking for in order to solve a particular problem that they are having or a need that they posses (Best, 2013). Therefore, it is important to first understand “the various customer needs that drive product consideration and performance” (Best, 2013, p. 157). This means that customers have to be placed into “needs-based-segments.” In order to do this demographics, usage behaviors and psychographics that separate each group have to be understood (Best, 2013). Knowing how each group is different from the other aids marketers in distinguishing what the segments are. Overall, “Needs-based segmentation provides the basic guidelines for product positioning strategies and marketing communications” (Best, 2013, p. 157). It is after the market is appropriately segmented that a suitable marketing strategy can be developed in order to attract the specific segments of customers.

Definition of market segmentation - Market segmentation is the process of dividing the population of possible customers into different

Have you ever wondered what was the reason you decided to buy your first car or what made you lean towards going to one store compared to another? Maybe it was cost, maybe it was something your friend suggested but every decision made to buy something can be contributed to marketing. Marketing is a widely used term to describe the means of communication between the company and the consumer audience, it is also the adaptation of the commercial activities and use of advertizements by the organizations with a purpose to induce mental thoughts in the targeted consumer.

Segmentation is essentially the identification of subsets of buyers within a market who share similar needs and who demonstrate similar buyer behavior. The world is made up from billions of buyers with their own sets of needs and behavior. Segmentation aims to match groups of purchasers with the same set of needs and buyer behavior. Such a group is known as a 'segment'. Think of you r market as an orange, with a series of connected but distinctive segments, each with their own profile.

The market segmentation is where the market has been divided up into groups of consumers who have similar needs; it is when the market is broken down into sub-groups which share the similar characteristics of different levels. It is the divisions of a particular product which is divided into different segments of different levels as the Gender, (Ex: Male and female has 2 sections of similar production of different innovation). It consists of individuals and groups with one or more features that cause them to have relatively similar product needs.

Market segmentation is dividing a market into direct groups of consumers who might separate products requirements or marketing mixes, the process of classifying customers into groups with different need and requirement. (Kotler et al 2010, p.264). In this proposal, the market segmentation will be discussed from three aspects, which are demographic, behaviours and psychographic.

Market segmentation is a marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action. Market segmentation enables companies to target different categories of consumers who perceive the full value of certain products and services differently from one another. (Definition of Market Segmentation). Below are some of the criteria can be used to identify different market segments: