explain the benefit you believe segmentation will add to your company’s ability in providing a better service/product to customers. Specify clearly the following: How many segmentation strategies will you be using with your market/customers? What are the segmentation strategies you are planning to use?

explain the benefit you believe segmentation will add to your company’s ability in providing a better service/product to customers. Specify clearly the following: How many segmentation strategies will you be using with your market/customers? What are the segmentation strategies you are planning to use?

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter6: Target Markets: Segmentation And Evaluation

Section: Chapter Questions

Problem 2DYMP

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It's about restuarant infront of the beach business explain the benefit you believe segmentation will add to your company’s ability in providing a better service/product to customers. Specify clearly the following: How many segmentation strategies will you be using with your market/customers? What are the segmentation strategies you are planning to use? Explain your strategies’ choice.
In your opinion, among the four (4) major segmentation variables, which is the most important? Explain Why? As a marketer, why segment the market? Explain what approaches can be used to segment the market and how can this lead to competitive advantage. Identifying and explain three (3) benefits of market segmentation. State the relationship between market targeting and market segmentation in the process of marketing strategy. Is market targeting important in the process? Elaborate your answer. In your outlook, which do you think is the most effective among the (4) strategies of market targeting? Explain why? Which do you think among the four will become profitable in gaining a successful business outcome considering with enough resources?
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What segmentation methods would you suggest for a smallentrepreneur starting her own business selling gourmet chocolates?Justify why you would recommend those methods.
As part of the process required before launch, you need to consider the segmentation, targetingand positioning of your potential market. Consider the following questions and compile a reportfor management of no more than 600 words. In order for your business to market the new range of CDB oils successfully, the bases forsegmentation should be carefully considered. These include:o Geographic;o Demographic;o Psychographic;o Behavioural.Discuss any three behavioural segmentation bases you believe to be most relevant to theCBD oil marketing strategy in South Africa.  In general, seven positioning methods can be distinguished. Select and discuss twopositioning methods you believe would be best suited to the market you have selected fortargeting
Explain the process of selecting an appropriate segmentation approach and deciding which customer segments to target for marketing activities. ( if any outside sources are used please provide the sites )
Market segmentation is a crucial component of any marketing strategy, as it allows businesses to divide aheterogeneous market into smaller, more manageable segments. Discuss the FIVE (5) broad types of market segmentation strategies and explain how each type can be applied to identify and target potentialcustomers effectively. Provide real-world examples to illustrate your points.
Select a market or product category for study. Whether it’s a market in which the firm already competes, a new but related market or product category, or a totally new market, the overall market or product category should be clearly defined.   Choose a basis or bases for segmenting the market: There are no foolproof procedures for selecting segmentation variables, but the segmentation scheme must produce segments that meet the four essential criteria discussed earlier in this chapter (substantiality, identifiability, and measurability, accessibility, and responsiveness).   Select segmentation descriptors: Segmentation bases need to be clarified with descriptors to identify the specific segmentation variables to use. For example, if a company selects demographics as a basis of segmentation, it may use age, occupation, income, or some combination of these as descriptors. Profile and analyze segments: The purpose of this step is to determine the segments’ size, expected growth, purchase…
Explain what type of segmentation your company might use for its market and describe who their target market is. Assignment should be double spaced, 12-point font
2. Why do we say that is more efficient not to compete directly with existing products? What are the expenses that may be incurred when we do try to compete with them? 3. What are the advantages and disadvantages of segmenting according to traditional variables such as demographics, psychographics, behavioural, and geographic?
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Markets must be segmented for any marketing strategy to be effective.This is because from the identified segments, the firm will choose oneor more target markets. The choice of target market will then determinehow which of these concepts are designed? a. Four Ps (product, price, place, promotion) b. SWOT analysis (strengths, weaknesses, opportunities, threats) c. STP (segmentation, targeting, positioning) d. GM (gross margin) e. SBU (strategic business unit)