The Pros And Cons Of Product Segmentation

As societies advance deeper into technology, so do the corporation and businesses that we as consumers support. The means of advertisement has changed significantly over the decades. For example before the television sets or radios were invented, general advertisement was commuted by word of mouth from shopkeepers, and posters, to the general populous. After the radio was invented, businesses could pay a fee to be promoted by local broadcasters over a larger radius than, word to mouth advertising would. Through the centuries many methods of advertising have spawned, however the most effective form of advertisement are televised commercials. Thanks to the use of television, companies and businesses have the ability to create intrapersonal commercials

Marketing is an important tool for any business. It is how a company makes their product known to the public. Without marketing, the consumers will either not know that the product even exists or will not know all the applications of the product; who makes it, what it is and what it is made from, when came on the market, where it can be purchased, how it can help the consumer and why the consumer should even purchase the product in the first place. According to Tom Ash, Marketing is the process whereby demands for products, services and ideas are anticipated, managed and satisfied (2011).

Marketing has become more and more important, especially as the purposes of marketing expanded into performing marketing researches. Through marketing researches, it is asserted that marketing starts with a real customer need. Classic marketing, has, nonetheless, focused on making the need that will draw customers, and this stresses the advertising power of marketing (Woodall 2007, p.1284). This is also called the sales concept of marketing (Woodall 2007, p.1285). An example is how advertising lures people into buying a brand, because of the

Marketing communication is mostly known as “ the process by which the marketer develops and presents an appropriate set of communication stimulus to a defined target audience with the intention of eliciting a decisive set of responses”( Yeshin, 1999). Therefore, it is the process whereby thoughts are shared and meanings conveyed in a convincing manner by an organization to its target audience for the patronage of their product and services over their competitors with the use of the promotional mix.

As every customer has unique needs and expectations towards certain products, the ultimate goal of market segmentation is to organize customers into groups which allows targeting of customers with similar needs of and response to the products. The key is to minimize differentiation within each segment

This essay will answer the question, ‘what is marketing?’ as well as give a clearly defined discussion on all the different aspects of marketing such as the marketing process, target markets, the different elements of the marketing mix and the difference between service marketing and product marketing.

I form my own business, which I name Vegaltair Company in remembrance of the China’s stars in the fairy tale – Vega Star and Altair

In market segmented we have seen that their customers and consumers are loyal and strongly affinity to the particular brand or product. As in market segmenting the market is divided into individual markets with similar wants and needs as on the products consumption. Broadly markets can be divided according to a number of general criteria, such as by industry or public versus private. Although there is difference in industrial and consumer market segmentation but both of them have similar objectives.

Marketing is the practice of the planning and performing the conception pricing, promotion and distribution of opinions and goods and services to generate trade that please the individual and organisational objective (American marketing association). The main objective of the marketing is to recognising and meeting social and human needs. Where the marketing is centred at the need and want of the consumers, where the industry should determine the design of the product and services.

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.

Advertising has also changed due to digital revolution as they there are many types of media to reach the wanted audience; marketers can customize the way they advertise to grab the consumer’s attention in the most creative way and in many types of media, anytime and anywhere. Advertising today has become very important as it is how marketers let consumers know about their products and services, that is why advertising also has to evolve accordingly to technology.

There are various forms of marketing available to businesses today. With the advent and advances in technology, the forms of marketing have also evolved over the years. Thus,

Marketing can be seen everywhere, directly or indirectly. Both consumers and organisations end up being influenced by the factors of marketing. This can be from the cloths we wear to high end cars or electronic gadgets. In order to understand the role of marketing in the development and launch of our product “RAINBOW” (a mood band that changes its colour according to our mood and connects us with social media sites such as Facebook, twitter, etc. on the go depending on our feelings and also it helps to enhance our moods or feeling whenever we are low or depressed), we first need to know the perfect meaning of marketing. Good marketing is a result of careful strategic planning, vision or forecasting of market conditions and timely executions of the planned strategic moves. In simple words it is placing the product at the right place on right time with the right price. Marketing basically deals with identifying and satisfying human needs and wants. Marketing can be defined as “marketing is an organisational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefits the organisation and its stake holders.” Kotler and Keller(2012). The Chartered Institute of Marketing(CIM),UK defined marketing earlier as “The management process responsible for identifying, anticipating and satisfying customer requirements profitably”, this definition was totally focused on the profitable aspect of

Marketing is the means for which consumers and companies satisfy each other’s needs and wants. In this paper I will talk about what marketing is and the steps that have to be taken during the marketing process. One of the key steps in this concept is knowing the target group of consumers that a firm wants to appeal to. Targeting a specific audience helps refine the marketing strategy in order for a producer to offer the most pertinent good or service to the consumer. Another topic discussed is how marketing concept is international and used by establishments throughout the world. When the marketing concept is placed in a perspective that is on a far greater scale the strategies and usage of tools must be magnified. Marketing is not all about advertising goods and services. Research and statistics play an implemental role in helping to express what consumers gravitate toward and how they react and behave within the marketing environment.

If companies advertise their products in a smart way, customers will come back. Many television advertisements aim to raise brand awareness. For example, I was once in search of a new television. While entering the store, I had already anticipated buying a Samsung television. This was simply because I had seen their advertisement several times. Their moderate prices and warranty explained in the