Segmentation and Target Market Paper.

1887 Words8 Pages
MARKET SEGMENTATION
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.
Required Elements:
No more than 2100 words
Include demographic, psychographic, geographic, and behavioral characteristics for the selected company.
A positioning statement for the company with careful consideration of their brand and strategy
Paper is consistent with APA guidelines.
Introduction:
The fundamental component of Market segmentation is a market-based strategy. A market segment is a purchase behaviors and different descriptive characteristics and specific group of customers with distinctive customer
…show more content…
People of variety of socio economic status and similar age may lead rather different life-styles, and the firms have been adapting their products quickly to meet the needs of these life-styles. Categorize to Attitudes are more difficult and maybe revealed only in subtle ways. Values can be very difficult to measure than attitudes and inconsistencies of apparent may question the existence of a subconscious value system. Each market segment in a certain ways is likely to respond to variations in product packaging, pricing , design, and promotion. In many of the markets, a segment can be found that shows considerable loyalty to a brand of product, while other segments will be prepared to switch between product and response to brands, with offering more lower prices and benefits (Armstrong G. & Kotler P, 2005).
HMV Market Segmentation: In my paper I explain the HMV’s market segmentation. HMV is generally known as one of the world’s leading retailers of video and music, with 428 stores worldwide. Their strategy is very clear for the pursuit of their vision and goal. The market identification as well as segmentation of target markets is the important element of each strategies of marketing at which they are the basis for determining any particular of the marketing mix, pricing, which is product, promotion and place. The company's market segment opportunities reveals by market segmentation. The company has decided and has to evaluate the various segments
Get Access