Philippines Market Segmentation

The Hong Kong office of Salomon Brothers, a U.S. investment bank, estimates that to meet the expanding demand for telecommunication service in Asia, companies will need:

Niche marketing is a portion of market that you have identified as having some special characteristic and that is worth marketing for.

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.

As a result, historically small niche markets are gaining an increasing prevalence within the U.S. marketplace and have substantially higher buying power. If companies are to continue to thrive in this modern economic environment they must be able to recognize and understand the implications of these demographic shifts. This includes the ability of a company to improve marketplace understanding as well as to implement business practices that will retain a diverse and talented

In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).

In simple terms, niche (marketing) can be defined as fulfilling the needs of a tightly-defined market segment (Kotler and Keller 2006).

* MM possesses a competitive position in this segment in terms of quality product offering and close customer relationships through high level of customer support.

As every customer has unique needs and expectations towards certain products, the ultimate goal of market segmentation is to organize customers into groups which allows targeting of customers with similar needs of and response to the products. The key is to minimize differentiation within each segment

The Global IT consulting services are growing; this growth is occurring in the U.S and Worldwide market. “For 2016, CompTIA’s consensus forecast projects 4.9% global IT industry growth and 4.7% growth in the U.S. market. “(IT Industry Outlook, 2016) This represents a .2% growth difference. Showing the worldwide IT industry and U.S market’s growth are trending firmly. “According to the research consultancy IDC, the global information technology (IT) market surpassed $3.7 trillion in 2015 and is on track to reach $3.8 trillion in 2016 (constant currency). Covering revenue generated from hardware, software, IT services, and telecommunications. “(IT Industry Outlook, 2016). Showing an expected industry growth of 0.1 trillion increase.

Market segmentation is the division of a market into different groups of customers with distinctly similar needs and products or service requirements (Croft, 1994). Its major purpose is to pull scarce resources and ensure that the elements of the marketing mix, price, distribution trends, products and promotion are premeditated to satisfy the particular needs of the different customer groups. City Grill’s main approaches to market segmentation, could include using the breakdown method where they can view the market as to consist of consumers who are in essence the same, having similar tastes, and so forth. Their duty could only be to identify groups which share particular differences. Alternatively they

According to Angelo Biasi, General Manager of SMART Marketing Solutions, LLC, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. Fenix niche marketing segment can be classified as psychographic segmentation where buyers are divided into different groups on the basis of psychlogical traits, lifestyle or values. Fenix catered to innovators who are successful, upsacle, sophisticated, active, take – charge people with high self estem who wants to make a

Segmentation is a tool; purpose is to choose target market.Segmentation comes prior to target market Many different tasks are involved other than segmentation when choosing target market Look at each segment on its own as an individual marketing opportunity. Potential worth of each segment To examine whether the whole market should be chosen or only few segments To find segments which are less satisfied in market from competitor brand.

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.

Briefly describe the pricing structure that is used with this product and explain the benefits of this method.

According to Blythe (2010), segmentation, targeting and positioning are fundamental to the concept of meeting customer need. This essay will outline and analyse these fundamental tools of marketing in an academic setting, in addition to, assessing how an organisation of my choice applies them in a working environment. Included in this essay, will be an academic discussion of the advantages of market segmentation, targeting and positioning drawing upon views of various scholars. Furthermore, I will provide a profile of my chosen organisation as well as an assessment of their market segmentation, targeting and positioning strategies. The essay will finish with a summary of the main points and will draw conclusions based on the evidence which has been presented.