Potential Segmentation Dimensions In The Retail Industry

* No proper market segmentation – wide age of customers 18 -45 years male and female

The market can be segmented into three consumer groups: 16 to 30 year olds and 31 to 50 year olds who

“On average, middle-aged consumers devote 39 percent of their retail expenditure to department store products and services, while for younger consumers the average is only 25 percent. Since the number of middle-aged people will increase dramatically within the next decade, department stores can expect retail sales to increase significantly during that period. Furthermore, to take advantage of the trend, these stores should begin to replace some of those products intended to attract the younger consumer with products intended to attract the middle-aged consumer.”

Market segmentation is a marketing concept that divides a large heterogeneous market into smaller homogeneous subsets of consumers with similar needs, wants and characteristics. Researchers might be able to predict customer 's behavior by studying if there are any relations between customer 's personality and the product selection process. A key success for any business is to communicate with its customers better than competitors by understanding who its customers are and what they want. The more specific costumers are segmented, the easier a business will understand its customers and build successful relationship with them because customers usually choose a product that expresses their personality. The market can be segmented by different types of segmentations such as demographic, geographic and psychographic. Marks & Spencer uses demographic segmentation to target customers above the age of 30 with high income and executive occupation. It also segments the market through value, as many products in M&S’s clothing range have a premium-priced segment, a mid-priced segment and a lower price segment.

Write a white paper on a company of your choice and discuss the market segmentation within that industry along with the target market for the company and the selection process for that target market.

Segmentation is important in consumer analysis because understanding the consumer will allow us segment the market more meaningfully. To get a product or service to the right person or company, a marketer would firstly segment the market, then target a single segment or series of segments, and finally position within the segment(s). Market segmentation is the basis for customer orientation and differentiation

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

Effective market segmentation is based on identifying markets that are accessible, differentiable, measurable, actionable, and substantial. A measurable segment is one where its purchasing power and size can be quantified. The millennial segment is one that its purchasing authority and

What are the weaknesses of mass marketing, as opposed to segmented marketing? What advantages does a company gain from market segmentation, as opposed to treating the market as single entity?

The decision of dividing the entire market into different consumer segments is just what Paul Elio did when he saw a potential for his three-wheeled efficiency vehicle. Before a business can target a specific market, the market needs to be divided into segments based upon similar needs, wants, or desires. “It is not feasible to go after all customers, because customers have different wants, needs and tastes” (Suttle). Identification of target demographics is necessary for market segmentation research. Consumer demographics range from gender, age, ethnic and religious groups, household size and income, and even geographic regions. Markets can also be segmented based on consumer’s behavioral and psychographic characteristics. Elio took notice that many consumers drive larger vehicles on their commutes and often only have one person inside the car. He saw a need for a

An organisation cannot connect with all customers in large, broad or diverse markets. But they can divide such markets into groups of customers or segments with distinct needs and wants then it needs to identify which market segments it can serve effectively. This decision requires a keen understanding of customer behaviour and careful strategic thinking.to develop a best marketing plan one should need to understand what makes each segments unique and different. STP or segmentation, targeting and positioning is a marketing tool which helps an organisation to differentiate, attract, maintain and grow customers for their particular products. In order to be a profitable and productive an organisation should find out their target customer market so segmentation, targeting and positioning are three main issues to consider when determining any target market.

In this assignment I will write many things about segmentation. It will include an explanation of what segmentation is and how it works in companies. I will also include some examples to help explain and analyse why segmentation is very important to all businesses including my chosen company. During this assignment I will also explain the relevance of segmentation to my chosen company and how they use it as part of an overall marketing strategy.

Different organisation follow different kinds of market segments, and creates product differentiation strategies, however some different ways of variable we can segment in our market include the following- demographic,geographic, psychological and behavioural segmentation.

What are the weaknesses of mass marketing, as opposed to segmented marketing? What advantages does a company gain from market segmentation, as opposed to treating the market as single entity?

In this field study, data on the independent variables and dependent variables were collected from consumers above 21 years old in several shopping malls through short questionnaires drafted specifically for this analysis.