Segmentation and Target Market Paper.

Course Description This course involves an integrated analysis of the role of marketing within the total organization. Specific attention is given to the analysis of factors affecting consumer behavior, the identification of marketing variables, the development and use of marketing strategies, and the discussion of international marketing issues. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents:   University policies: You must be

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This assignment is about marketing, where I will produce a marketing strategy for a new or existing product. This unit introduces the major principle and functions of marketing; I will look on customer needs, and creating a suitable strategy or marketing mix, which will satisfy customer needs. In this unit I will experience the marketing process from carrying out initial research about a market, investigating the principles of functions of marketing and the way in which it contributes generating income/profit in a business. 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 organizational goals.

When entering a market, an organisation needs to identify its customers and what its customer needs are. A business can’t go into a market with a product and expect to sell it, because the demand for the product may not be there. It is important for the business to plan thoroughly before entering a market and understand the diverse nature of a market. For example, a market may have large range of consumers who have different tastes, preference and needs. So this is where the concept of segmentation will be applied.

Market segmentation use to divide a large market into small markets that can develop company’s product and service to a specific group of consumer, including geographical, demographical, psychographical and behavioral. Then, have to go through market targeting and market positioning which are consists of a set of buyer who share common needs that the company decides to serve and a place that product occupies in consumer’s mind relative to competing products.