Project Report on Market Segmentation

6. What are the different ways to segment a consumer market? Does it make sense to use more than one segmentation variable? Why or why not?

| According to the text, market segmentation is defined as identifying groups of consumers based on their common needs.Answer

segmenting customer groups. The psychographic segment variables include people with similar personalities, values, and lifestyles. The last of the segmentation bases of the U.S. consumer markets would be behavioral segments. These are actions a person takes in purchasing and using products and services. Some of these segment variables include outlet type, direct, product features, usage rate, user status and awareness/intentions. Once the segmentation of the market is developed, the second step is to group products to be sold into categories. One can then develop a market-product grid and estimate the size of the markets. A market-product grid is a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization. 3 Steps four and five consist of using the segmentation will help to develop the target markets, which in turn will then lead to successful marketing actions. Successful segmentation depends on

What Is Market Segmentation? Market segmentation is a way of dividing the market into groups of consumers/customers which share similar features

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.

into different groups according to their demographics, cultural values, or beliefs. In general, most segmenting characteristics are behavioral and cognitive (Schiffman & Wisenblit, 2014). Behavioral factors are data based such as age, gender, and purchasing habits (Schiffman & Wisenblit, 2014). Cognitive factors are opinionated characteristics such as attitudes and values (Schiffman & Wisenblit, 2014). Segmenting a market can be a difficult process because some of the characteristic used are abstract and lay in the minds of the consumers.

As a marketer, it is essential to understand the customer-driven marketing strategy to create values for target customers. A market segmentation is a process that analysis markets into specific target consumers by their characteristics and behaviours. This will help marketers to identify the target consumer which is suitable for the product. There are four substantial segmentations which consist; segmenting consumer markets, business markets, international markets and requirements for effective segmentation. The main focused would be segmenting consumer market and appropriate use for targeting consumers with the case study of Boost Juice.

Market segmentation: The process of dividing a market into distinct groups of buyers who might require separate production or marketing mixes (Wells, Burnett, & Moriarty, 2006).

Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications

- Marketing Segmentation: is the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match

For an organization to beat the competition, they need to understand what the consumer wants. Marketing concepts are based upon consideration on what the organization’s customers need and nourishing these needs better than the

The Marketing Concept The marketing concept has evolved over the last years, marketing reflects to a key approach to doing business. An organisations objective is to make profit, to do this they have to consider the marketing concept, in order to satisfy customers. For an organisation to be successful should divert its attention away from particular products and towards the interest of the customers. Customers changing their needs and wants influence an organisations strategies and plans. Meeting customer’s needs is the main key in marketing.

Psychographic segmentation is based on people’s personalities, interests, opinions and lifestyles (Perreault, Cannon & McCarthy, 2015). As a new Amazon customer, you are profile by your attitudes and psychographics so that they can determine your behavior profile. Amazon is concern on what you want to purchase so that they can match other products of similar interests and lifestyles.

Market segmentation was to dividing a market into distinct groups of buyers with different needs, charactistics or behaviour who might require separate products or marketing mixes, the company will first

The process of communicating the value of a product or service to customers, for the main purpose of selling that product or service is known as marketing. The science of choosing target markets through market segmentation and analysis, and understanding consumer behavior while providing superior customer value to the customers is termed as Marketing Management. It can be looked at as one of the most important of the organizational functions and a set of processes for creating, communicating and delivering the value to their customers or potential customers, and a customer relationship management that benefits the organization in a variety of ways.