Segmentation, targeting and positioning are interrelated activities, which are important to achieving a successful marketing mix. Discuss these concepts in theory and give practical example of how they can be applied to one industry of your choice.
Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then be designed and implemented to target these specific customer segments, addressing needs or desires that are believed to be common in this segment, using media that is used by the market segment.
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Segmentation of a company:
How we segment the market?
Market segmentation has always had a very important place in the marketing literature. Besides being one of the ways of operationalizing the marketing concept, market segmentation provides effective guidelines for firms' marketing strategy development and resource allocation among their diverse product markets. As market segmentation simultaneously addresses the roles of both marketers and customers, the segmentation concept has captured the attention of many scholars and practitioners alike in the field. Accordingly, within the last few years, a number of new developments have emerged in market segmentation. Although different terms or concepts may have been used by different researchers, the basic idea behind these developments has been to create more effective and efficient ways of reaching individual consumers in order to satisfy their unique needs and wants. This study examines and conceptualizes the recent advancements in market segmentation and development studies and globally explores their managerial implications for marketing practitioners and researchers alike for orderly decision-making purposes.
Segmenting and Targeting the Market
A market can be defined as ‘a group of individuals and organizations
that have a need or potential need in common that can be satisfied
through a specific service offering and have the ability to pay for it.’
According to Bruce Marcus and August Aquila in their book, Client
at the Core, a PSF market consists of:
• A group with a common need for a specific service
• A group that is accessible
• A group that you can serve profitably
The segmentation process is flexible and indeed can be highly creative
if a firm puts considerable effort into the process. It is feasible for a
firm to focus on quite a broad...