When we all think of marketing most may think of marketing as a company soliciting a product or trying to sell something with different types of sales pitches.
Market segmentation strategy involves dividing the market into different groups and how a market is segmented is based on certain variables. A Company must identify the parts of the market it can serve best in order to reach their specific target market as well as to achieve the maximum profitability. According to Prof. Dr. Christian Schuhart, several criteria used for different market segmentation include: demographical, socio-economical, psychographic and observable behavior segmentation.
Market segmentation is a subsist of group of consumer who share a common needs in a market segmentation, where as those customer share similar character in a same segment. Segmentation is a most important necessary idea in marketing sector where as company vary widely in their skills to serve various kinds of consumers. Therefore, instead of making attempts to contend in an complete market, firms should segment the market. Through the method of market segmentation, organisation can established this elements where as they can will identify serve best.
The main purpose of market segmentation is to allow a market or the marketing program to focus on the prospects that are most likely to purchase the product or service. The focus of marketing strategy and force on the subdivision or market segments to gain competitive advantage within the segment. It is not possible to sell everything to everyone in today’s competitive world. Each customer has different needs, wants, tastes, preferences and purchasing power. For example, Kellogs have different type of cereals for kids and adults. For kids they have Kellogs chocos and for adults they have Kellogs wheat flake cereals.
What is Market Segmentation? According to Investopedia (n.d), market segmentation is a term used in marketing that refers to the aggregating of a potential buyer into groups, or segments, that share common needs and would respond similarly to a particular action in marketing. By utilizing market segmentation it enables Victoria’s Secret to target different categories of consumers who recognize the full value of certain products and services differently from one another. Furthermore, market segmentation is an extension of market research for the purposes of identifying targeted groups of consumers in order to tailor products and branding in a way that it is attractive to that group. There are three general criteria used to identify different market segments: homogeneity, distinction and reaction (Investopedia, n.d).
Marketing is used all the time with every business, from local corner shops to International supermarkets. Marketing is the process of promoting and selling a business’s products or services, it consists of four main elements: product, price, place and promotion. The marketing objectives of a business are the goals set by an organisation while promoting its product or services to potential customers.
Marketing is a management process by which a concept of a good or service transform into a product for the customer. Every business success lies on it marketing. Marketing has been defined differently by different authors but two most accepted definitions of marketing are that given by the UK’s Chattered Institute of Marketing (CIM) and the American Marketing Association (AMA) as follows:
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.
Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organisational objectives.
Marketing – The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
Marketing is the process of identifying, anticipating and supplying customers needs and wants efficiently and profitably. It is head of the pyramid that includes product researching and development promoting, advertisement and sales production and service. Marketing has many benefits some of which are, establishing brand recognition, build authority and credibility, gaining and retaining customers etc. The process or the strategy used to identify consumer's needs and wants is called the marketing orientation, which are the production, product, selling, marketing and societal marketing.
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.
“Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organisational objectives” (AMA,1985)
In general terms, marketing is all related to the places of buying and selling of goods and services to satisfy customers’ needs. Nowadays marketing is the most important issues for success of every business marketing is the activity, set of institution, and process for creating, communicating, delivering, and