Marketing Concept Report : Marketing Essay

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Marketing Concept Report The world today has become a global village, and this has necessitated better marketing strategies to ensure the success of any business. Marketing has become very dynamic with many plans that are all designed to ensure a business survives in its market in this day of fierce competition. The markets have become a place of change or die, and that is why there are so many strategies such as segmentation, customer satisfaction, and consumer relationship management among other key strategies. All the strategies help a business to achieve its corporate objectives and gain a competitive advantage against the rival enterprises in its industry. Segmentation Every enterprise in any industry has identified the target market that composes their customer base. The strategy that divides this market into homogenous groups that have similar characteristics is segmentation. Segmentation helps an organization to concentrate its marketing energy and force on their most promising set of customers to ensure that they gain a competitive advantage (Goyat, 2011). The marketer can understand the needs of the target market better, their wants and demands. The idea of market segmentation was developed around the 1950s by a great thinker, Wendell R. Smith, (Goyat, 2011) who said that “Market segmentation is to divide a market into smaller groups of buyers with distinct needs, behavior or characteristics, who might require separate products or marketing mixes.” The global

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