Marketing Analysis And Market Segmentation

Marketing is the function that connects businesses to their target audiences’ needs. It is how a business presents and distributes their product to their audience. For example, a business can market their product by advertising it to the public. This can be seen in many forms of media; such as: on television, via web, posters or on billboards.

Stilettos and Wedged heeled shoes are the must popular shoes on the market. Today must designer shoes are cute, but are too high for some women with flat feet or others who just want to be comfortable, while looking cute. Shoes by design is a shoe company that provides low heeled designer shoes for women of all ages. The company also provides repair services for their shoes. Shoes by design provides services for women in the United States as well as Europe.

Marketing is all about creating a really solid decision, which will lead to more money. In this paper I will give some history of my organization, and explain how each element of marketing affects the organization. In addition I will cover the industry in which the organization resides in.

In business marketing, market segmentation and targeting specific markets aids organizations by reducing the risks involved in decisions of how, where, when, and with whom the brand, product, or service will be advertised, directed, or promoted to. Positioning the product or service to the accurate target while controlling the marketing budget are tactics used by marketing professionals to assure reaching the largest target group and controlling costs (Boundless, 2014). Attracting the right customer is the ultimate objective of targeting specific markets by directing the research and efforts in a manner

Marketing is an indispensable tool which every company applies in their day to day running and management. Marketing focuses on how to reach consumers and create awareness of the available products and services offered by a particular company, (Hulepete & Hathcote, 2005). While doing marketing, a general assumption is made that the message will reach targeted markets and will be perceived by the consumers as intended by the sender. Due to the coming of several companies to form a particular industry based on the similarity of the products or complimentary nature of the products and services offered, marketing has become quite popular across the globe, (Hulepete & Hathcote, 2005). Each company within the industry uses every available channel to make their products and services visible to the consumers.

As a personal definition, marketing is a strategy to promote consumer awareness and positive feelings towards a brand or product in order to encourage the consumer to purchase or use that product. In more specific terms, the American Marketing Association (2012) defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” A simpler definition of marketing, as identified by the U.S. Small Business Administration (2012), are the activities and strategies that result in making products available that satisfy customers while making

Marketing is the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and qualifies the size of the identified market and the profit potential.[Dr. Philip Kotler]

The American Marketing Association defines marketing as - It is the activity includes set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large which adds to profits ( kotler & keller, 2012). Marketing Management means the analysis, planning, implementation and control of plans or programs designed to create, build and maintain beneficial exchange with target consumers for the purpose of achieving organisational objectives. The objectives of marketing management are to create demand through different means by providing information about the utility of product, customer satisfaction, to increase market share and profit, to create goodwill and public image. Today’s marketers are focusing to maintain reputation in the eyes of their customers. The term of marketing changes as the marketing environment changes. Now, marketing functions are not limited. Customers are smarter and more

Marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then designing and implementing strategies to target their needs and desires using media channels and other touch-points that best allow to reach them.

Market segmentation is the process of dividing the market into parts that are different from one another. It is the identification of potential customers who would buy your products. Different customers have different needs and it is not possible to satisfy these needs by treating all customers in a similar way. Most organisations do not have all the resources to satisfy the needs of all the customers. Therefore, it is necessary to identify the similar groups of customers and to serve one or two group with the available resources. When market segmentation is done well the members in each segment of the market are as similar to each other as possible inside a segment and are also as different as possible

The main aim of market segmentation is to isolate markets into groups comprised of homogeneous characters and heterogeneous between segments based on a particular set of variables. Marketing practitioners and academics have adopted and implemented the topic of market segmentation with a lot of enthusiasm. The main advantage of this method has been to yield a higher understanding of a given market, advanced technique, and approaches used in forecasting consumer behavior, and enhance the ability to recognize and take advantage of developing new markets. Market segmentation enables the destination marketers to divide markets into particular groups of buyers, or potential customers who have constant changes in taste and preferences. The segmentation helps with influencing consumer demands through marketing targeting a particular segment. The millennial segment is the fastest growing group in the travel industry. In a this paper, we focus on how best to market Toronto to millennial segment based on their travel preferences. Their ability to use technology to marketplaces they visit makes them the best group to use in advertising unique features of Toronto.

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.

An organization cannot satisfy all the needs and wants of all the consumers. Therefore, Market is divided into different segments so an organization can focus on the needs and wants of the specific consumers who share similar needs and demonstrate similar buyer behavior. In the world, there are different types of buyers with their own needs and behavior. Segmentation is the process to match groups of the purchasers with same needs and wants.

1. 2. 3. 4. 5. Objectives: Market research, product research, price research, sales promotion research and distribution research A wide variety of procedures used in marketing research The requirements for and benefits of market segmentation Geographic, demographic and psychographics segmentation The value of marketing information system

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals. (Kotler, Keller, ‘05)