Tasks in Market Segmentation

Today’s world competition is very strong in every kind of businesses. Every organisations must provide high quality products or services in order to survive, however their competitors also providing the same or comparable products or services. An important way to an organisation to get an edge over its competitors is to provide extra service to satisfy and delight their customers, which can retain them and also gain new customers. Therefore the achievement of customer satisfaction must be a major objective in all organisations.

Today's world competition is very strong in every kind of businesses. Every organisations must provide high quality products or services in order to survive, however their competitors also providing the same or comparable products or services. An important way to an organisation to get an edge over its competitors is to provide extra service to satisfy and delight their customers, which can retain them and also gain new customers. Therefore the achievement of customer satisfaction must be a major objective in all organisations.

Customer satisfaction is the customer’s evaluation of a good or service in terms of whether it has met their needs and expectations (Vander Schee, 2016). The culture of the organization is to focus on delighting customers rather than on selling products (Lamb, Hair, & McDaniel, 2017). An example of a highly satisfied customer would be Nicole Snow, who owns a small business in Maine. One day she reached out to FedEx on social networks and asked for help in getting her supply chain set up. The team responded immediately and helped her solve the problem (“FedEx,” 2015). Here customer satisfaction is greatly shown the customers’ needs and expectations have been met by

Excellence in customer service is the objective of all organisations wishing to be successful. However, there is often a gap between customer expectations and management perceptions of customer expectations. Organisations often fail to get close to their customers and correctly read their expectations.

| (TCO 3) The process of segmenting a market and selecting specific segments as targets is the link between the various buyer's needs and

“If the product or service experience was better than expected then the customer is satisfied and quality is perceived to be high. If the product or service was less than his or her expectations, then quality is low and the customer may be dissatisfied. If the product or service matches expectations, then the perceived quality of the product or service is seen to be acceptable”. (Slack, pg. 499)

Customer satisfaction is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation. In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses. (Wikipedia – Customer Satisfaction)

What is Market Segmentation? According to Investopedia (n.d), market segmentation is a term used in marketing that refers to the aggregating of a potential buyer into groups, or segments, that share common needs and would respond similarly to a particular action in marketing. By utilizing market segmentation it enables Victoria’s Secret to target different categories of consumers who recognize the full value of certain products and services differently from one another. Furthermore, market segmentation is an extension of market research for the purposes of identifying targeted groups of consumers in order to tailor products and branding in a way that it is attractive to that group. There are three general criteria used to identify different market segments: homogeneity, distinction and reaction (Investopedia, n.d).

The extent to which a product's perceived performance matches a buyer's expectations. Customer might be

Market Segmentation sole purpose is for a company to identify and target specific consumers to launch and brand

Kotler & Keller (2008) build on this definition, stating that customer satisfaction is determined by “the degree to which someone is happy or disappointed with the observed performance of a product in relation to his or her expectations”. Performance that is below expectations leads to a dissatisfied customer, while performance that satisfies expectations produces satisfied customers. Expectations being exceeded leads to a “very satisfied or even pleasantly surprised customer” (Kotler & Keller, 2003, p. 80).

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

Customer satisfaction is the backbone to being successful with in a business atmosphere. Steve and Dana were obviously not satisfied because their experience did not match their expectations (customer satisfaction was not reached). For this

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.

My Article discussed why it necessary to have a clears definition of quality and what customer satisfaction is .The first point that this article makes is summed exactly by the first line of the abstract that, “No consensus has been reached on a definition for quality; the term is defined differently for products and services, for different industries, and for different levels of dimensionality” (Wick, Rothelin, 2009, p.1) This study investigates the major definitions of quality and the antecedents of customer retention to establish a foundation for a new definition of quality based on satisfaction. Quality is defined as the summation of the effective evaluations by each customer of each attitude object that creates customer satisfaction.”