· An organisation achieves this by implementing target marketing strategies. Identifying different market segments is the first step in target marketing. Thus, market segmentation is the process of dividing the market into a number of groups that are mutually exclusive, while individuals exhibiting similar traits fall under one group. With the help of Market Segmentation, Target and Position analysis. Market segmentation: Market segmentation is very important as it supports the organisation to enhance their products and services by knowing the needs of the customers and to innovate in new blogger.comrmore, segmentation is used to understand and determine the expectations of the customers · This segmentation is done by dividing the market into parts based on the age, gender, income, family lifecycle, education, ethnicity, nationality, religion, etc. Demographic variables are one of the most popular for segmenting consumer groups. As these are common variables differentiating the needs and wants of blogger.comted Reading Time: 11 mins
Essay about Market Segmentation - Words | Bartleby
Marketsegmentation is the division of customers based on their similarityof needs and wants. By dividing the international markets, companiescan efficiently allocate their limited resources in a manner thatbeats the competition and enhances customer satisfaction Surhone etal.
First,the separation enables a business to focus on the particular needs ofits patrons. The ability to focus allows it to address the specificrequirements of the market segmentation essay, which in turn improves thesatisfaction of clients.
For example, Toyotahas benefited from increased sales through focusing on the specificneeds of international consumers. Second,subdivision of international markets increases the competitiveness ofthe company products.
Consequently, the organization can save on its resources by focusingon target customer as compared to producing generic products. Specialization results in the creation of robust commodities that canbeat the competition, market segmentation essay.
For example, Coca-cola uses a global marketsegmentation in developing its products, as well as, in designing itsmarketing strategies. Through a market segmentation essay of niche and targetingstrategies, the company can enhance its competitiveness and boost thesales.
For instance, the market segmentation essay coke wasdesigned for the health conscious clients Bhasin n. Geographical segmentationenables the organization to address the differing needs of customersin a given locality.
From the perspective, the market is analyzed interms of factors such as age, gender, family size and life cycle,income, occupation, education, social class, lifestyle andpersonality Schiffmanp. Behavioralcharacteristics such as occasions, benefits, user rates, loyaltystatus and attitude towards a product inform the need to relocateinto a new market. Companies dealing in automobiles, market segmentation essay, clothing,cosmetics, travel and financial services differentiate their globalmarkets based on income, age, lifestyle and gender Surhone et al.
Forexample, Toyota recognized the rise of incomes in emerging marketstherefore, it designed an entry tactic for exploiting them. Thegrowth of earnings led to the emergence of middle-income earners withvarying needs to buy automobiles. The company entered and managed todominate the African market despite the existence of othercompetitors such as Volkswagen, Nissan, Ford and BMW.
The key successfactor for the Toyota Company is the fact that it has something foreveryone. Thesegmentation of the international markets enables a business to winthe loyalty of its customers. Client retention augments the returningcustomers that, in turn, spur the growth of sales. Besides, it servesas a marketing strategy as satisfied clients refer their friends. Theability to win customer loyalty has contributed to the current growthin the sale of Toyota cars.
Frenchs Forest, N, market segmentation essay. Beau Bassin, Mauritius: Betascript Publishing. Amsterdam: North-Holland. Related essays: Exploiting Open-Market Innovations essay Marketing Mix Market Mix essay Perfect Competition Market Foreign Exchange Unit essay How the Global aviation market has been affected by Aviation Law essay.
Market Segmentation - GCSE Business Studies - AQA / Edexcel / OCR
, time: 12:19Market Segmentation Free Essay Example
· An organisation achieves this by implementing target marketing strategies. Identifying different market segments is the first step in target marketing. Thus, market segmentation is the process of dividing the market into a number of groups that are mutually exclusive, while individuals exhibiting similar traits fall under one group. With the help of Segmenation Market Segmentation Market segmentation is the division of a market into distinct groups of buyers who might require different products or marketing mixes (Kotler et al, ). It is the division of a heterogeneous market consisting of buyers with different needs and wants, into homogeneous segments of buyers with similar needs and wants. Therefore, the segments · This segmentation is done by dividing the market into parts based on the age, gender, income, family lifecycle, education, ethnicity, nationality, religion, etc. Demographic variables are one of the most popular for segmenting consumer groups. As these are common variables differentiating the needs and wants of blogger.comted Reading Time: 11 mins
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