Why Marketers Should Segment The Market

Market segmentation is where marketers split the market into groups with similarities that would make it easy to target their product to the consumers, if they

Segmentation and Target Market PaperJonathan GraceMKT/571October 21, 2014Dr. Johnny MorrisSegmentation and Target Market PaperThis plan was put into in 1936, establishing the Government Employees Insurance Company, the company known and respected today as GEICO. GEICO was primarily directed toward federal employees and certain groups of enlisted military officers. Lillian Goodwin actively marketed the company to this group of consumers and within a year, GEICO had written over 3,700 policy holders and employed 12 staff members.

3. Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then designing and implementing strategies to target them using media channels and other touchpoints that are best to

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.

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

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

Segmentation is a famous and worldwide used marketing practice which is used to divide a larger and broader markets into smaller ones consisting of customer having the common interests, wants and priorities. And then, focusing on those targets and forming strategies to win their loyalty.

To reach different markets or to promote your products to different locations or people one has to use a method called market segmentation. "Market segmentation describes the division of a market into homogenous groups which will respond differently to promotions, communications, advertising and other marketing mix variable" (Cumming). Market segmentation is extremely important for companies around the world. If a company doesn't research the area in which they are going to market or they put a product that is either to expensive or to elaborate in an area that can't afford that then they will fail as a company. In my paper I will discussion why market segmentation is used in around the world, the types of segmentation, some techniques

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.

The market segmentation is where the market has been divided up into groups of consumers who have similar needs; it is when the market is broken down into sub-groups which share the similar characteristics of different levels. It is the divisions of a particular product which is divided into different segments of different levels as the Gender, (Ex: Male and female has 2 sections of similar production of different innovation). It consists of individuals and groups with one or more features that cause them to have relatively similar product needs.

Segmentation means to divide the marketplace into parts or segments which are definable, accessible, actionable and profitable and have a growth potential. In other word it is a technique used to enable a business to better target its products to the right customers by identifying the specific needs and wants of customer groups and then using those insights into providing products and services which meet customer needs.

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 main idea behind company segmenting the markets is to tailor made its products for the different markets so as to serve and meet their needs. Communication used in these markets is also very different. An organization will first have to conduct a market survey to identify the needs of the various customers and later on design, implement and control the various products to meet these needs (Upinde, 2008). Targeting a specific segment of the market requires various coming up with marketing mix in right proportion. There are five main basic targeting strategies and which is; (a) Single segmentation, (b) Mass market targeting (c) product specialization (d) selective marketing (e) Marketing